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Summary: Whether it’s hurricanes like Dorian that routinely pummel the Southeast and parts of the Atlantic coast or the wildfires that wreaked havoc up and down the West Coast last year, summer has a way of reminding everyone in our industry about the importance of having a disaster recovery plan.
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Summary: I am a financial planner with almost a decade of experience, ultimately looking for an opportunity to work "on" the profession of financial planning rather than "in" the profession. In the short-run, I am happy to be an advisor and continue to hone my craft. In the long-run, I hope to elevate beyond typical client work and increase my potential impact to the firm and the profession.
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Summary: Over the years working with independent advisory firm owners, I’ve seen what works — and what doesn’t. One area where my experience has been particularly enlightening is succession planning.
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Summary: Over the past two years, the number of calls I have received about how to successfully transition ownership to an internal successor has dramatically increased. It's about time. Two-thirds of financial planning firms now are developing an internal successor and 45% have a working plan in place or have recently implemented their succession plan, according to this year’s FA Insight People and Pay study.
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Summary: When succession planning is on the horizon, how does the owner of a planning firm transfer the mantle of trust to their future successor? Financial advice, after all, is very personal. We know our clients' goals, financial successes and mistakes, family joys and upheavals — and sometimes even the dark skeletons in their closets. The relationship takes time to build and years of showing up when the client needs help.
