A 'Top Ten List' For Succession Helps Advisors Gain Clients By Example Hot

lisagraylisagray  
 
 
0.0 (0)
Write Review
 
First, let’s start with what needs to be done. To make it fun, we’ll pattern this after David Letterman’s ‘Top Ten List.’
 
10. A succession plan must be written. Absolutely. Without question. For legal and umpteen other reasons.

9. It must be a formalized process. You can’t just designate Junior (or a junior partner) as a successor and be done with it.

8. There must be a jointly created Leadership Profile. What does a family business owner look for in next generation leadership? How do you, as an advisor, envision next gen leadership for your business?

7. Delineate position (job) descriptions and specifically outlined expectations for that position.

6. Outline a formalized evaluation process. This provides a measure against which to benchmark success.

5. Design a back-up/emergency plan. Anything can happen. At any time. You have to be prepared. You have to have a back-up plan, even for temporary illness.

4. Delineate a succession plan for all entities. For families, this entails designing succession plans for the business, for the family itself, and for the family office. Advisors have two of these entities…a business and a family.

3. Create an acceptable compensation plan. The entire family should be comfortable with the compensation for the new business head. Your entire team should be comfortable with your designated successor.

2. Jointly create a written, step-by-step process to facilitate the transition. A transition may not just indicate retirement. It often means someone has died, or is disabled, or is seriously--if not terminally--ill. Having a structure in place may not eliminate all hitches. But it will make the whole process a lot smoother. And much less painful.

1. Gather input and jointly create a workable governance system. Families should create this system together. Advisor partners should create this jointly with input from junior partners, associates, and staff members.  
 
An advisory business is different than a family business because funds are required for junior partners to buy a stake. Some independent firms have developed lending programs to facilitate buyouts. This is an opportunity to get creative. Maybe a stake-buying option could be arranged over a brief period of years as part of the partnership agreement. Advisors can also groom hand-picked successors, just as other businesses do. What other ways can you think of to fund the succession of your business?
 

For the next 10 Thursdays, we’ll take a closer look at each item on the list starting with #10. What would it take for you to step up and face the same difficult issues your clients face? Facing these issues takes courage. It also breeds greater authenticity.

 

This Website Is For Financial Professionals Only


User reviews

There are no user reviews for this listing.
Already have an account? or Create an account

A Strategically Focused CE Curriculum

With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

CE Since October 2008

A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Bob Keebler, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
  • wants the Certified Financial Counselor™ designation 
  • is building a brand as a thought leader locally or in a niche
  • wants the facts when bad news breaks
  • wants CE aligned with a content marketing system
  • wants 24/7 access to CE on-demand
  • insists on objective evidenced-based tax and investment planning analysis
MEMBER REVIEWS 
William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

PeteDeacon-CPA-CFP

Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit.

fredericMayersen-phd-cfp

Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

John R. Day, CPA/PFS®

I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value!

NormanPolitzinerCFP

Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

KevinBrosious-CFP-CPA-PFS

Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific