The Independent Advisor's
Succession Plan

What to Consider Before Creating Your Succession Plan


Succession plans are a stressful thing to plan out because it is your hard work that you are passing off to someone else. At advisorRETIRE™, we work with you to create a succession plan before you ever have to pass off your book. If you are getting ready to start your succession planning, then there are a few things that you should start considering so that we can help you with creating a plan.

What is Creating Your Success

As a financial advisor, growing your book is something that you have to work towards. A variety of factors go into your book expanding, a lot of that has to do with the quality of service that you’re providing and how you handle the work that you complete for your clients. If there are certain things that you provide your clients with when advising them, or there is something that separates you from other financial advisors, then you’re going to want to make sure that you let us know ahead of time. In doing so, we are able to find a better fit for your succession plan so that the individual taking over your book has a similar setup, offers a similar service or can provide the individuals you work with, with the same quality of service.

These types of things do not have to be things that you specifically do, but things that happen throughout the experience that your clients have, which brings us to the next point.

Key Roles of Your Business

While you, as the financial advisor, are the sole provider of service, you aren’t the only one that is creating an experience for the people that visit your facility. When you have specific roles that alter the experience of your clients, for the better, you’re going to want to make sure that you are able to continue to provide these services and expectations after your succession plan has been implemented. This can be office roles or any team members that are providing the special services that we just talked about. If you do have specific employees or outsourced businesses that are helping you maintain your success with your financial advisor clients, then we would love to reach out to them or even determine whether or not there’s any way to maintain those ties even after the succession plan is in place. These roles that you are bringing to our attention need to be roles that you’re not sure you would still find success without.

Areas of Improvement for the Future

Since this is a succession plan that is being planned for your book, letting us know if there are any areas of the process you use or business that you are currently working on changing in the future, before your succession plan is put in place, will be extremely beneficial. In doing so, we can find an individual that will be able to maintain these changes afterward as well. Things to consider here are what types of technology you’re using, any updated software or programming that you or your clients are using to better communicate or any other factor. Being as upfront as possible with these types of things does allow for us to pass them onto people that have experience or have strength in those particular areas, which allows for the succession process to be much smoother.

Resources for Growth

Continued success while this plan is being worked out, won’t come on your own. You’ll find that there are plenty of resources that you rely on to develop your book and your knowledge. If there are specific resources that you are using in order to create the relationship, expectations, and experience that your customers have, then sharing this with us is another thing that could prove to be exceptionally beneficial. This knowledge can help create a relationship with the team that takes over your book to use. In some cases, this can provide us with a better idea of what type of environment you feel you’re creating with your financial advisor business and how we can best develop a plan to maintain the level of service that your clients are currently enjoying.

advisorRETIRE™ can help you plan your succession so that you feel confident when the time to retire finally comes along. We take years to find an individual or a team of financial advisors that are the perfect fit for the entirety of your book. Reach out to us today and let’s get started on creating a plan that you know is thought out and considerate of the work that you’ve done to earn the success you have. Our primary goal is to ensure that the clients that you have worked with for the entirety of your career, are taken care of by someone that cares just as much as you do and can continue to offer that quality of service.

Call advisorRETIRE™ today.

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