Succession planning

The ranks of the under-30 generation of planners are swelling - and they're ready to make an impact.

Fidelity has introduced the “Realizing the Value in Your Firm” program, which includes a series of workshops being conducted nationally to help advisors understand succession planning options.

At the NAPFA National conference, a panel of advisors of varying ages, discussed how they have succeeded with the tricky task of planning and executing a succession.

The founder of Veritable, the country’s third-largest RIA, says his firm’s new partnership with wealth management giant Affiliated Managers Group is part of a broader effort to build a business that can last for generations.

Succession planning is on a lot of advisors' minds right now. But it's not only owners who need to prepare for succession — employees also need to get ready. Financial Planning talked to Deena Katz, chairwoman of Evensky & Katz and associate professor of personal financial planning at Texas Tech, about her thoughts on this topic.

To be well prepared for succession, owners of financial planning practices should make sure employees are able to advance their careers within the firms. Firm owners should also learn how to manage Generation Y workers, because they’re going to be key to keeping practices alive.

Baby Boomers are getting older and so are their advisors which means it's high time to start planning for the next chapter for both parties. But it's easier said than done.

There’s no doubt that starting an advisory business can be harrowing, but finding good people to eventually take over your business may be even harder, says John Brackett, a regional director with Financial Network Investment Corp.