“Financial advisors spend their days helping clients plan for the ‘what ifs,’ but they seem to have little time left over to do the same for themselves.”

A recent article in Financial Advisor Magazine recently pointed out that according to the Financial Planning Association, 73% of financial advisory firm owners do not have a succession plan in place.

Even more concerning, 60% of firm owners who are only five years away from retirement don’t have a plan either!

The article points out that you have options. One option is to bring on younger, strong people to take over when you want to retire. But sometimes that comes with tension and fear that these same people could take the clients and leave to start another firm.

Another option is to sell your business. You could sell your book of business, or sell your whole practice so that it lives on after you retire.

Whether you start to groom people internally or want to sell, you need a strong succession plan drafted by legal counsel to ensure that you get paid correctly and fairly, and that you have the right strategy and documents in place for both you and your successors. You also need to address your own emotions to make sure the plan and timing is right for you.

Make 2019 the year you put all your own best advice into action for your own firm.

Remember what’s important.  What will happen to your spouse, your heirs—and your clients—if something unexpected happens to you? These are the issues that you discuss with your clients every single day, don’t neglect to address them for yourself and your own family and business.

Shurwest can help! We offer practice management support as well as succession planning services. Call 800.440.1088 to learn more, or contact us to request our Succession Planning whitepaper.


Financial Advisor Magazine, “Shoemaker’s Kids Are Shoeless: Why Advisors Flunk Succession Planning.” https://www.fa-mag.com/news/exit-planning-starts-at-the-beginning-42861.html?section=43 (accessed February 6, 2019).