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Summary: Small and midsize RIAs could soon face new requirements to have a succession plan in place for their firms, and state securities regulators are asking for input from practitioners as they wrap up the rulemaking process
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Summary: As the average age of financial advisors creeps higher each year, and grows closer and closer to the traditional age of retirement, a growing chorus of voices have warned of the looming onslaught of advisors retiring, the lack of young talent to take over their firms, and thus a wave of advisory firms that will come up for sale resulting in a competitive a buyer’s market that will make advisors regret having waited to sell.
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Summary: I have found that when financial advisors retire, they usually want to make sure they take care of their clients, as well as get paid for their practice, which they spent decades building and nurturing. However, doing both of these things can be a tricky proposition, and will likely play out to be the biggest challenge facing the industry over the next 10 years.
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Summary: Many small-business owners know all too well what it is like to take risks, work long hours and juggle multiple priorities. But even many of the most successful of them drag their feet when it comes to succession planning, if they bother to do it at all.
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Summary: Advisor Doug Vandyke got into the advice business with his eyes wide open. His bosses at the wirehouses where he started his career warned him up front that 15-hour days wouldn’t be uncommon, and they were bang-on. So he didn’t balk at staying late and working weekends.
