Succession planning

It may seem like a no-brainer for RIA owners to look within the firm when they retire. Yet this assumption overlooks critical aspects of what an internal succession plan actually entails, says consulting executive David DeVoe.

By taking the right steps, advisers can convince loyal clients to follow them out the door.

Advisers who impress senior management can sometimes walk away with bigger offers.

Time, talent, terms and treasure should be on the checklist of those planners exiting the business.

These policies protect against allegations of misconduct dating before the formation of a firm.

‘Is there life after leaving a firm you founded — other than playing golf?’ Tim Kochis, formerly of Aspiriant, answered his own question by launching a venture that has one foot in Asia.

Make sure to devise a clear, easy-to-understand plan that correctly values the business.

Use this rubric to avoid mistakes and ensure success.

These trends are expected to be at the top of RIA agendas next year, says Fidelity's David Canter.