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Seven Things Advisors Need to Know About Succession Planning

Actionable advice for all advisors—no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner—with Louis Diamond.



According to a 2018 study from the Financial Planning Association and Janus Henderson, 73% of financial advisors do not have a written succession plan. And with the average age of a Barron’s Top 100 Advisor at 57, up from 52 in 2012, that’s pretty alarming.

Unfortunately, it’s not surprising. It often seems easy to put off something that can seem so distant, and even more so when day-to-day matters often take priority. Yet it’s a topic that’s equally important to advisors of any age—whether you’re perfectly content with the status quo, casually exploring your options or already independent.

Diamond Consultants’ resident expert on succession planning, Louis Diamond, takes over the mic to share seven important principles that advisors need to know about succession, and shares advice on how to get started on building that plan today.

He digs deep into:

  • The four key areas where advisors get stuck when it comes to building their succession plans—and how to get beyond them.
  • What advisors need to know before they build their plan—the seven key areas that are critical to address before putting pen to paper.
  • How to determine the right next gen for the business—and the key factors that help to guide the process.
  • How wirehouse sunset programs work—and what other options an advisor can consider in order to monetize his life’s work.
  • And much more.

Louis also shares what he calls his “jump-start list”—key actionable steps you can take to get past the inertia and move forward in defining your future. It’s an episode that will answer many of the questions you have on succession—one that will help you to get started on building your plan today.

Listen to the podcast

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Mindy Diamond is president and CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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