BALTIMORE – Many RIA owners look to their employees to take over the business when they retire. Yet some advisers are overlooking critical aspects of what an internal succession plan actually entails.
Roughly 30% of planners do not have a succession plan in place, David DeVoe, managing partner at DeVoe & Co., said at the FPA’s annual conference. He mentioned that the SEC is currently looking into forcing RIAs to come up with a plan of succession.
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