Succession planning

Advisors know that a transition plan is important, but many fall into the trap of procrastination.

An internal successor, a seller and an acquirer dish out the most common mistakes they say advisory firms must avoid to address the challenge.

Advisors who seek a smooth transition should take a hard look at their data and tech stack before any succession planning begins, experts say.

Many owners of privately held businesses are planning to sell at least part of their interests in the firm in the next five to 10 years, a Raymond James study found.

Founders Elissa Buie and Dave Yeske are leaving a legacy in the profession and at the firm under three successors taking over in 2026.

Separate from any transactions involved with succession, financial advisors who want to retire face challenges that make exiting the business difficult.

Preparation is everything: If clients are aware of the transition well in advance, experts say the risk is pretty low they'll leave the firm.

Savant Wealth Management, Moneta Group Investment Advisors and EP Wealth Advisors lead a group of fee-only firms with headcounts well above their peers.

Experts say RIA owners often resist making themselves replaceable. But they'll have to choose between an internal or external deal someday.

The implications to taxes, hiring and the very legacy of a financial advisor's career demand much more formal documentation than most RIAs have undertaken, experts say.

Less than a third of firms have a formal, documented plan in place, according to this month's Financial Advisor Confidence Outlook survey. Experts say this is a dangerous state of affairs.

Minority transactions are increasingly appealing to sellers who are wary of giving up the full control of their firms. But experts say the deals do come with strings.

Deal structure, transition plans and dog and pony shows represent only a few of the thorny difficulties involved with branching into an acquisition strategy, experts say.

Resources and personal connections offer significant advantages. But financial advisors and other experts say they only get new RIAs part of the way.

Wealth management firms can purposefully create an atmosphere centered on growth — but it takes effort and intention, said Daniel Crosby of Orion and Brad Johnson of Triad Partners.

Financial advisors can multiply their reach, the value of their business and their client services by tapping new employees. Finding the right fit is a careful dance.

One study uncovered interesting findings on market saturation, while another shed light on the regional trends shaping M&A deals.

What was once largely a source of referrals for outside professionals is moving in-house for financial advisors in many cases. Here are some examples.

The American College of Financial Services and RISR are collaborating as a BNY Wealth report showcased the planning complexities of owner succession deals.

For many family offices, the bulk of services they provide takes a backseat to one specific goal: preserving wealth for their clients' heirs.