When Bob Swift was still the sole owner of TCI Wealth Advisors, he had an epiphany about what he wanted his firm to become — a lasting practice that would someday help his clients’ grandchildren with the same quality advice he was already providing to current clients. That suggested, he says now, that selling his practice wasn’t an option. What the planner, then 50, really needed was a viable succession plan that would entice young planners to join the firm, train with its lead planners — and, over time, take over as the older planners scaled back and retired.
“The succession plan was easy once we decided what we wanted to be,” he says. “If you want to be a 100-year firm, you had better attract the best young planners out there. And that’s not going to happen if you are holding on to your shares until the last minute.”
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