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Summary: It seems to me that all the preaching about succession planning is having the opposite effect on those we hope will get the message. It's kind of like when your parents forbade you to hang out with “so-and-so”—and then you went out of your way to have a clandestine encounter with that person, even though you knew he or she was bad for you. To add emphasis, your rendezvous took place in the most disreputable location you could find.
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Summary: The biggest reason why most wealth management firms have no viable succession plan is because of what it means personally for their owners. It’s a passage that marks the end of one phase of life and forces owners to recognize their own mortality. And who even wants to contemplate that?
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Summary: Clients need one. Your family needs one. Regulators increasingly want you to have one. Surprisingly advisors have always wanted one. Have you guessed it? Yes. A continuity/succession plan. What is perhaps more interesting is that advisors are finally ready to address it. This week we thought we’d share with you the types of conversations we are having with advisors all the time. If you have not addressed this issue, perhaps you can relate to one of these eight stories.
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Summary: The St. Louis-based Moneta Group knows a thing or two about creating a lasting business: The registered investment adviser started as an insurance agency in 1869. Still, when it realized four years ago that many of its top people would be retiring in the next decade, the firm intensified its focus on succession planning. The firm's chairman, Peter Schick, now 67, developed a succession plan for his advisory team, which centered on mentoring younger advisers and providing the resources necessary to become principals.
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Summary: Like many financial advisers in the Southeastern United States this week, Jennifer and Phil Calandra closed the doors to their Atlanta-based advisory firm on Wednesday and Thursday and operated from their home.The Storm provided a chance for many firm like theirs to live test their emergency preparations.
