Rarely does life or business play out as intended. Many advisers avoid planning for succession until upheaval occurs. Those who do plan in advance are often blindsided when their next generation bolts for greener pastures. Because we cannot predict the future, my approach to succession planning is very Buddhist — plan for what you want and don’t be attached to the outcome. How does this work?
A succession plan is not only for retirement — it is also needed in the event of premature death, serious illness, or incapacity. An adviser should have a plan for these events from day one of opening their business.
