Jon Wax, president and CEO of Waller and Wax Advisors, knows a thing or two about older advisors’ succession planning from the buyer’s perspective after acquiring his mother Laura Waller’s practice in 2007. The key to doing it successfully, he says, is to blur the line between where the exiting advisor ends and where the new one starts.
“You’re not just blending a business, you’re blending philosophies,” he says. “That’s why it’s important the person leaving sticks around for a to help transition the clients.”
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