I recently worked with an adviser whose firm has been expanding its ownership for the past 10 years. He summed up his succession planning process this way, “Succession planning should be about doing what's best for the clients, the business and protecting all of your constituencies.” In other words, succession planning is about taking care of your firm’s future.

Succession is an integral part of a broader strategic planning process that seeks to address two important goals: how the business will grow and create value for clients, owners and employees, and how the business will be transitioned to a new generation while preserving its reputation and legacy.

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