We found this article about succession planning in wealth management and its effect on advisor-client relationships to be very validating, as it reminded us of why we have opted for our firm to operate the way it does. While the article’s target audience is financial advisors, its key points may be of interest to you as you consider your own succession planning or what to look for in an advisory firm.
One of the major shifts happening in succession planning for financial advisory firms is a move from the single-advisor model to a team-based structure. This structure provides stability and continuity by ensuring a client is not dependent on one individual. When an advisor retires, clients don’t have to go through a difficult transition as their account is handed off to a new lone advisor; the team-based structure keeps the client experience consistent.
The article also emphasizes the importance of alignment when selecting a successor. When a successor and retiring advisor have shared values, planning philosophies, and investment approaches, the client experiences less disruption during the transition.
Technology also plays an important role in succession planning for advisory firms. A tech-forward firm with CRM systems and other digital tools allows information to be shared across the business so it is accessible to multiple people instead of just one.
While these shifts illustrate how the industry is evolving, they aren’t new for our team at BlueRock Wealth Management. We have had a team-based structure and strong set of shared values for a long while. It has taken years to get where we are, but that is why our clients can trust us to advise them on their succession planning. We understand that looking to the future shapes how we should operate in the here and now.
If you are looking for a firm to help you with your succession planning, values-based investing, or financial life planning, we are the professionals you can trust for sound advice and continuity across our team.