Book Review: Succession Planning for Financial Advisors
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The author provides a step-by-step guide to implementing a succession plan. The book is directed primarily at owners of independent advisory firms but should also be of considerable interest to their employees, their clients, and regulators, as well as investment professionals at larger firms who are considering the establishment of their own practices.
Financial professionals who serve retail clients balance two primary tasks: providing expert investment management or advice and offering consistent and superior service to clients. Those who work for larger brokerage or advisory firms have much of the expertise, infrastructure, and procedures provided by their employers, but the growing number who choose to start and run their own businesses must develop these features by themselves. Despite independent advisors’ success at attracting clients—they are growing at a much faster pace than their larger competitors—author David Grau, Sr., finds that independent advisors fail miserably in one key area: succession planning.