We’ve written recently about some of the rules the SEC is considering for financial advisors concerning their succession planning. These plans include making succession planning a mandatory activity for all registered financial advisors as well as having a business continuity plan in place in case of emergencies. While these are all sensible plans to…(Read More)
We recently discussed the costs associated with business continuity and succession planning, as outlined and estimated by the SEC’s proposed rules. The SEC is estimating up to $1.5 million in one-time costs and up to $375,000 in ongoing annual costs. But how do these costs add up? What, exactly, are you…(Read More)
When the SEC released their proposal to enforce succession and business continuity planning, they also looked at what it might cost a financial advisor to put these plans in place. They looked at the one-time costs as well as the ongoing costs to create, implement, and execute this type of planning, and what they…(Read More)
One of the RIA succession planning methods we often see financial advisors use is bringing up a successor from within the ranks of your business. This can be a really effective method if you have the time to make that transition and have someone that you feel would make a good replacement to handle your…(Read More)
When you start to think about your upcoming retirement and how to make a financial advisor succession plan that works for you, your clients, and your staff, you are likely to start looking for examples of what other advisors have done in the past. This isn’t necessarily a bad thing. Doing this kind of…(Read More)
Some financial advisors put off their retirement because they can’t imagine life without their career. Financial advising is, to many in the industry, much more than just a job. It’s a passion and a calling, and you get to spend your days helping others make their dreams come true. It’s an incredibly…(Read More)
One of the things that financial advisors will need to face when it comes to planning their retirement is when to talk to their clients. It’s a topic that acts like the elephant in the room; everyone knows it’s there, but no one wants to talk about it. However, ignoring that elephant could…(Read More)
Last June, the Securities and Exchange Commission announced they were considering enacting a rule that all registered financial advisors would need to have a solid succession plan in place. The proposed rule would mandate succession planning for financial advisors, something that’s largely in place for RIAs at larger corporations but woefully underutilized for independent…(Read More)
With more than 18,000 financial advisors retiring in the next 5 years, you would think that more of them had a succession plan in place. According to a Charles Schwab study done in 2014, only 49% of RIAs “have a formalized succession plan in place.” There has been a big push from within the…(Read More)
When it comes to a financial advisor’s retirement, one of the most pressing issues on their mind is going to be the welfare of their clients. As an independent financial advisor, you spent years building up your business and developing personal relationships with your clients. You don’t want that all to go away…(Read More)
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