To be well prepared for succession, owners of financial planning practices should make sure employees are able to advance their careers within the firms. Firm owners should also learn how to manage Generation Y workers, because they’re going to be key to keeping practices alive. That’s the takeaway from a presentation at NAPFA’s Practice Management & Investments conference in New York earlier this week.

“It is about the institutionalization of your business,” said Richard Whitworth, a senior manager of practice management at TD Ameritrade Institutional. “You are no longer advisors who run a business. You are business owners.”

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