Life happens, and those who are best prepared wind up the winners. Forty percent of practice owners wish to transition their practice to another party within 10 years, yet more than 40 percent of advisors who are within two years of transitioning their practice lack a succession plan, according to a 2012 Aite Group survey.
One way for advisors to be prepared in the event of something going wrong is to team with other advisors. Advisor teams have expanded in size, scope and service to keep pace with an increasingly wealthier clientele and prospect pool.
