Time To Get A Move On
When evaluating external successors, advisors often look for an exact replica of themselves. Remember, while it's critical to select the right person to take over your practice, you'll never find a carbon copy of yourself. Sometimes, the unending quest for the perfect candidate simply becomes another way to put off succession planning.
I've said it before, but it bears repeating: Whether you choose an internal candidate or search externally, succession planning takes time, so it's best to start early. This certainly isn't the last article you'll see nudging you to get serious about succession. Indeed, as early boomers in the advisory business turn 65, the topic is just beginning to heat up.
Joni Youngwirth is the managing principal of practice management at Commonwealth Financial Network, a registered investment advisor, in Waltham, Mass. She can be reached at [email protected].