Don’t Make the Same Mistake Made by 73% of RIAs

According to the Financial Planners Association’s succession planning survey of independent financial planners published in April 2018, not much has changed in the last ten years!

73% of RIAs have NO plan for succession.

The population of firm owners is older since the FPA conducted similar surveys a decade ago, and yet STILL, the majority are no further along in terms of strategic succession planning. Yikes!

The top obstacles to succession planning

According to the survey, there are two main reasons that RIAs put off succession planning:

  1. Successors are hard to find
  2. They are Uncertain about (or are reluctant to think about) retirement

Both of these reasons are understandable. Succession planning is not easy stuff! 

But here’s what I ask my clients all the time: what’s the cost to you, your business, and your clients every year that planning is postponed, avoided, or ignored? When you really start to think about it, the cost is huge in the long term!

Avoid making the same mistake

Successful succession outcomes–no matter the transaction structure–start with a clear, SHARED vision for success.  This means that successful succession outcomes require crucial, candid conversations. And these start with trust.

Are you ready for a Crucial Conversation Quickstart?

You don’t have to settle for business as usual.

Let’s connect for a Crucial Conversation Starter Session to strategize for your future.