Unless modern medicine discovers the secret to immortality, all of us will one day leave our business behind. That means we have to ask ourselves how we want to exit, and start making the appropriate plans to transition on our terms.
Transition planning should be a key concern for all financial advisors. It doesn't matter whether you're part of an RIA, a broker-dealer or a wirehouse. And it doesn't matter if you're 30 years old and decades away from leaving the workforce. In fact, that may be a fine time to start. A successful transition takes time and effort well in advance of any liquidation event. It's never too early to start making the business decisions that will lead one day to the maximum possible value you get for your practice or book of business.
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