Home Practice Insights Considerations before passing the torch

Considerations before passing the torch

by The 100 Companies

On a near daily basis, I find myself exploring and developing succession plans with financial advisors.

Critical components to consider:

• What is your time frame for retiring, and how do you envision passing the torch?

• Do you have an acquiring advisor in mind, and if not, how do you identify one?

• If the acquiring advisor is with your current firm, will they be prohibited from ever taking those assets to another firm someday?

Succession plans should be exhaustively examined by an industry expert to ensure that both advisors gain the maximum benefit of an agreement, while mitigating any potential downsides.

– Michele Mandeville, Founder/President, PRISM Wealth Management Recruiting

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