Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond

According to a 2018 study from the Financial Planning Association and Janus Henderson, 73% of financial advisors do not have a written succession plan. And with the average age of a Barron’s Top 100 Advisor at 57, up from 52 in 2012, that’s pretty alarming.

Unfortunately, it’s not surprising. It often seems easy to put off something that can seem so distant, and even more so when day-to-day matters often take priority. Yet it’s a topic that’s equally important to advisors of any age—whether you’re perfectly content with the status quo, casually exploring your options, or already independent.

Diamond Consultants’ resident expert on succession planning, Louis Diamond, takes over the mic to share 7 important principles that advisors need to know about succession, and shares advice on how to get started on building that plan today.

He digs deep into:

• The 4 key areas where advisors get stuck when it comes to building their succession plans—and how to get beyond them.
• What advisors need to know before they build their plan—the 7 key areas that are critical to address before putting pen to paper.
• How to determine the right next gen for the business—and the key factors that help to guide the process.
• How wirehouse sunset programs work—and what other options an advisor can consider in order to monetize his life’s work.
• And much more.

Louis also shares what he calls his “jumpstart list”—key actionable steps you can take to get past the inertia and take a step forward in defining your future. It’s an episode that will answer many of the questions you have on succession—one that will help you to get started on building your plan today.

Podcast: Play in new window | Download (Duration: 25:32 — 29.9MB)

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Related Resources

Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence?
An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read more->

Succession Planning: A Cautionary Story for Independent Advisors
Avoiding these 6 most common mistakes will help protect an advisor’s business, clients and legacy. Read more->

The Juggling Act: Balancing Short-Term Needs and Long-Term Goals
A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move. Read more->

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