Succession planning

The same standards apply as would to an outsider – being qualified and having the trust of clients.

Here are tips for weighing the pros and cons of each option.

They started early and hired successor candidates based on their values, not just their skills.

Some firms try a joint venture with shared clients while running the original businesses separately.

Beginning the transition in advance increases employee retention and engagement.

One adviser calls it a "fairly destructive strategy."

Advisers tend to be too optimistic about what selling the practice will mean for their golden years.

Not planning is the biggest risk that advisers can take.

Firms can add clients and improve eventual purchase prices by planning for the future.

The platform provider will now offer to buy a percentage of an advisory firm's revenue.