The number of advisors looking to execute a succession plan in 2022 has nearly doubled since the beginning of the year, according to the latest RIA Edge Study “Pulse Poll” released in September. What is driving this accelerated shift?
In this episode of the RIA Edge Podcast, Mark Bruno, managing director at Informa Wealth Management, speaks with Carolyn Armitage, head of Thrivent Advisor Network, about the importance of creating a succession plan—and ultimately, the best and worst practices for putting a formal succession plan in place.
Specifically, Mark and Carolyn discuss:
- What is motivating RIA firm leaders to execute succession plans now;
- Why it’s important to have a formal written succession plan;
- How to determine when it is the right time for the founder to exit—and the employees to take over; and
- Who business owners are choosing as successors and the importance of ensuring cultural alignment.