Leaving a Legacy: Successful Succession Planning for Financial Advisors
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As an experienced financial advisor, you know how to build a successful practice by supporting your clients through each stage of their lives, and it’s important to remember how long-term planning will apply to you and your business. Cerulli reports that 37.5% of industry financial advisors will likely retire during the next 10 years, and while the short-term priorities associated with running and growing your business might feel more urgent than planning for your future succession, preparation today can help provide a smooth transition for your clients and create an enduring legacy for your practice and preserve your reputation. At Edward Jones, succession planning for financial advisors is part of our commitment to supporting clients and colleagues alike.
A Financial Advisor’s Roadmap to Retirement
Deciding when it’s time to retire from your practice is not an easy decision, let alone managing the various influences you encounter in the early stages of planning. It takes time to get comfortable with your own succession plan and feel confident in your successor’s ability to maintain the level of service your clients have come to expect. At Edward Jones, we can help you implement a clear and comprehensive plan to alleviate these concerns.
Our financial advisors are backed by firm support throughout their career trajectory at Edward Jones, which is why our structured framework for retirement transition plans is designed to empower financial advisors as they navigate their next chapter. Our roadmap thoughtfully lays out the six steps you’ll take through your retirement transition, from the inquiry and assessment stage through plan completion. This gives you the opportunity to assess the situation – deciding when you want to retire – and design the plan that works best for you.
Just as we are there to support our financial advisors with coaching and peer support when building a practice, we are also there to provide the resources and guidance necessary for successful succession planning for financial advisors.
“Whether you are considering retiring within the next decade or beyond, at Edward Jones, we can help ensure your practice and legacy continue well into the future.”
– David Chubak, principal, Head of the U.S. Business Unit and Branch Development, Edward Jones
Keys to Success(ion)
No one knows your clients and practice like you do. One way to ensure your clients are in the right hands is through a successor selection process that matches your clients with a financial advisor best suited to their needs. This a collaborative process, meaning you will play a pivotal role in ensuring the next generation has the tools and client know-how to succeed.
It is important for you to share what keeps your practice going to help ensure its future success and maintain the momentum you’ve worked hard to create. From administrative needs to client nuances, equipping your successor with the right information makes all the difference. In fact, Edward Jones’ research shows that business owner clients need support with maintaining business continuity during the transition period (57%). We also found they need comprehensive planning and ensuring adequate resources for the transition (56%). Tackling these hurdles early through constant communication helps mitigate confusion for your successor and your clients.
Whether you are considering retiring within the next decade or beyond, at Edward Jones, we support succession planning for financial advisors by helping ensure your practice and legacy continue well into the future.
- To view the original version of this article visit careers.edwardjones.com/blog/leaving-a-legacy-successful-succession-planning-for-financial-advisors/
- Seniors Blue Book was not involved in the creation of this content.
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Long Term Care InsuranceQuite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!
Edward Jones - Chris Scanlan
Financial ServicesQuite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!
Edward Jones - Chris Scanlan
Financial AdvisorQuite simply, you are my priority. My favorite part of being a financial advisor is getting to know each client on a personal level. Your story, your values, your concerns and your personal goals are just as important to me as your financial goals. Uncovering what is important to you paves the way to building an incredible financial strategy that incorporates every aspect of who you are and what you are seeking to achieve. I work together with my clients by listening to what is truly important to them and using an established process to discover together which strategies and tools will work best for your unique circumstances.Another reason why I work so hard to understand my client's needs is my experience as a father of five and husband to my wife, Ann. I have four boys and one girl: Declan (7), Vaelen (5), Kylian (4) and Lochlann (2). We also added a princess to our rowdy crew, Ailis, in June of 2022. More than ever, I understand that health, safety and security will always be a top priority to my clients just as it is for me. The same care, attention, mindfulness and dedication required as a parent has shaped the way I approach my role as your financial advisor. So, whether it's planning for retirement, saving for education or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals.As a former collegiate athlete for Ave Maria University, I understand the importance of teamwork and being able to rely on those to around you to overcome challenges. Our partnership, the flexibility to work alongside your attorney, accountant and other trusted professionals and the resources at Edward Jones will ensure you receive the most current and comprehensive guidance to make sure you're given everything you need to be confident in your financial strategy.I love what I do, and I'm blessed to be in a role where I can have such a positive impact on my clients' lives and my community!