A year ago this month, Advisor Group asked the planners affiliated with its network of independent broker-dealers if they had documented succession plans. The results from the 744 who responded weren’t particularly unusual, but that’s what made them disheartening. Almost 82% of the survey respondents said no, they hadn’t created a plan. The reason? More than half said they “couldn’t find the right person,” according to the survey.
“Unlike a lot of businesses where you just sell to the highest bidder, these businesses are built on human relationships,” Advisor Group CEO Jamie Price told me during a visit to Financial Planning’s New York offices last month. “These advisers are really emotional about it. It’s not like selling a widgets factory.”
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