RIAs are human capital-driven businesses, much like firms specializing in law, accounting and consulting. Many such firms have crafted succession plans to help identify and develop the next generation of talent.  The RIA industry can and should emulate this long-term approach to succession planning. To do so, RIAs must adopt a different mindset earlier than they think, developing a long-term vision and then working backwards to achieve it.

As an avid gardener, I’ve come to note similarities between cultivating a garden and developing homegrown talent. Both require extensive preparation and care, especially as you approach major transitions. Sustainable gardening involves design, construction and maintenance to meet the needs of the present without robbing future generations of their needs.  The same is true for an RIA practice.

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