Seek Additional Resources
These days, independent financial advisors interested in a phased transition into retirement have many more resources that can support this goal than existed in prior decades. Many firms have developed programs to match up older advisors with advisors who still have runway in their careers.
But beyond the standard offerings, however, advisors need to make certain that the home office program they work with includes dedicated personnel who can support the success of any potential pairing.
This includes being asked the right questions, such as where clients are located, and how much longer they plan to keep working. By putting the different pieces of the puzzle together, a firm that personalizes succession can do a better job of recruiting the right match.
A major added plus? Firms that personalize succession planning also can coach an advisor on the best tax strategies ahead of retirement.
What’s The Rush?
Some advisors might still be asking, what’s the rush? After all, it’s a seller’s market, often with multiple buyers for every business that goes on the block.
What advisors build over the decades of a long and successful career matters, however. It matters to them and their families. It matters to clients, who have come to rely on their advisors at critical moments of the wealth building cycle. Advisors who have spent a lifetime providing great service should have no trouble understanding that planning a succession worthy of their business also allows them to move forward. It may be the greatest service they will provide for generations to come.
Tim Boostrom is director and head of business development at Stifel Independent Advisors in St. Louis.