There is an old saying that the cobbler’s children have no shoes, which is an apt metaphor for the financial planning profession.
Advisors spend their entire careers crafting financial plans for their clients, yet many haven’t made plans for the future of their businesses. This has become a theme I have witnessed many times in my work with advisors, and has now been documented. According to a recent TD AMERITRADE Institutional RIA Sentiment Survey,1 57% of advisors do not have a formal succession plan and 88% do not have a business valuation in place.
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