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Own a Financial Firm? It’s Time to Start Succession Planning

November 4, 2019

Filed under: Estate Planning — Laura Pennington @ 9:15 am

Many financial advisors are soon to be aging out of their companies. The average age of today’s financial advisors in the United States is in the mid-50s and plenty of these professionals are moving into their 50s and 60s.

The future fates of these thousands of practices, however, hangs in the balance for those that have not completed succession planning. Studies show that the vast majority of small advisors, particularly those who are handling their firm on a solo basis have no successor or business succession plan set up.

According to recent research studies, solo practitioners who bring in around $250,000 per year in revenue often have no succession plan and the alarming fact that these represent up to 70% of the financial planning industry.

While bigger practices are more likely to have a business succession plan or even a strategy for training future leaders in the company, it is important to sit down with a dedicated business succession planning lawyer and estate planning lawyer to discuss how the future of your business and the future of your personal assets can be reflected together in a comprehensive estate plan.       

Your business succession plan is the roadmap for those still in the company to be able to continue operating even after you’re no longer there. Having a backup plan in case this happens can have a big impact on your company’s success.

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