Succession planning

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Succession planning is thwarted by most bankers' high-handed attitude that they own the client relationship. Realities on the ground are more nuanced.

The bank implemented the program to compensate advisers as they transition their books to other advisers, while ensuring that their clients are left in good hands.

Advisers at a bank may have to shift to another channel for a few years before retirement, says contributor Rick Rummage.

When advisers quit, banks lose revenue even when they hire replacements. The present value of that lost revenue averaged $2 million, according to a study by Kehrer Bielan.

The executive suite transition has been years in the making.

Four important things to bear in mind if you are considering joining a network of independent RIAs.

An astute arrangement can protect advisers, their loved ones, clients and employees.

An astute arrangement can protect advisers, their loved ones, clients and employees.

Planners must have a strategy and compensation plan to keep employees engaged and grow their firms.