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Success(ion Plan)

[/fusion_text][fusion_text]As we approach Father’s Day, I would like to thank my dad for the guidance and support he gave me as I became an investment advisor. I joined my dad in this business ten years ago. Instead of learning sales techniques, I was schooled in investment theory, financial planning, and really helping people meet their goals. My early years as an advisor weren’t spent sweating about bringing in new business. My dad was good at that. All I had to do was take great care of our clients.

At the time I didn’t realize that my dad was taking great care of our clients too. Naturally, many people start out working with an investment advisor their own age or older. After all, you want someone with the wisdom and experience that comes from years in the investment industry. The downside to this is that an advisor your own age is likely to retire about the same time you do. If you aren’t careful, you will end up needing to find a new advisor when you are 60 or 70 years old.

My dad thought far enough ahead to set up a multi-generational practice. Every client at our firm has at least two advisors, one with a decade (or more) of experience and one with at least three decades until they retire. We all share the same philosophy and work together as a team.

While our team approach is becoming more common today, it is still not the norm. A survey by Fidelity showed that 60% of independent registered investment advisors (RIAs) it works with do not have any succession plan for their clients when they retire. Knowing that, I encourage anyone working with a greying advisor to make sure their advisor has made plans for their own retirement. If not, what are they waiting for?

Oh and thanks again dad for a great career.[/fusion_text][separator style_type=”single” top_margin=”” bottom_margin=”” sep_color=”” icon=”” width=”” class=”” id=””][fusion_text]

Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. ASA gathers its data from sources it considers reliable. However, ASA makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.

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