Are you a Financial Planner seeking a retirement succession plan?
73% of advisors lack a formal succession plan, even though more than one third of advisors are planning to exit the profession over the next 10 years according to a 2018 study by the Financial Planning Association and Janus Henderson Investors.
If you are seeking to align with a financial planning team as part of your retirement transition plan, please read more about The Center to see if we could be a good fit for you and your clients.
In The News
Succession Planning In An Evolving World
A successful succession plan achieves a triple win for clients, retiring advisors, and current firm leaders. The journey has not been easy and requires a significant investment of time and money, but the effort has been well worth it.
Internal Succession Planning: How We Did It
Internal succession plans take time and investment in developing people; ours started 15 years ago.
Successful Succession: Insights from a Third-Generation Financial Advisory Firm
Examples of succession or continuity planning gone wrong are quite common, but it doesn’t have to be that way.
Angela Palacios of Center for Financial Planning is quoted in this article on advancing one's career as a financial advisor. She says that joining a firm that has a career path is important. At The Center, for example, we have a clear professional development path with guidelines for how our team members can progress from entry-level to partner.
Is Work From Home Here To Stay? 3 Perspectives On The Future Of Work
For nearly three months now, office buildings across the country have sat vacant, while its former occupants adjust to working from makeshift home offices and scramble to learn video call etiquette.
IBDs & Wirehouses Roll Out New Programs, Tech
Innovation continues throughout the industry at this challenging time.
LPL Rolls Out Succession Planning Program
Assurance Plan offers advisors a minimum purchase price for a practice, based on a multiple of the advisor’s recurring revenue.
Advisors Struggle To Reopen Offices
Lauren Adams, Director of Operations, is quoted in this article on re-opening offices on how The Center has taken advantage of this time to complete renovations that will help the firm move forward after the pandemic.
5 Humble Suggestions On Transitioning Clients To Junior Advisors
Nick Defenthaler offers advice to older advisors on how to transition clients to younger advisors. Client transitions are no easy task. Spending the time to map out a transition plan is critical. The Center can help develop a succession plan for making a smooth transition for retiring advisors.
Creating An Intentional Path To Partnership Can Produce Lasting Benefits
The experience for clients and team members of the firm is directly tied to the health and effectiveness of the partner group — at least that’s been our experience in our multi‐partner advisory firm of 35 years. Managing partner Tim Wyman explains how we did it.
Our Managing Partner explains more below:
Check out the time stamps below to listen to the topics you’re most interested in:
(03:10): The importance of Core Values
(09:25): Continuity vs. succession planning and industry changes
(17:00): Founding partners and successful retirement
(19:20): What’s your catastrophic plan?
(23:20): The Center today
(24:20): Succession options
(30:55): The Center’s history of succession planning
(35:10): “Tuck-in” plans and Q&A with Peggy Hall-Davenport
(45:18): Helpful resources to consider utilizing