6 Succession Planning Tips Every Financial Advisor Needs to Know

Photo by: kiplinger

1. Be clear about your own retirement goals. How you'll receive your payout -- either a lump sum or ongoing revenue stream, for example -- is important. But being mentally ready to step aside may be an even bigger issue. So many advisors are focused on the nature of the transition deal that they fail to grapple with how much they'll miss the business. "Have a concrete plan for what you're going to do with your life once you've... more 

Photo by: kiplinger

1. Be clear about your own retirement goals. How you'll receive your payout -- either a lump sum or ongoing revenue stream, for example -- is important. But being mentally ready to step aside may be an even bigger issue. So many advisors are focused on the nature of the transition deal that they fail to grapple with how much they'll miss the business. "Have a concrete plan for what you're going to do with your life once you've transitioned out," Slater said.

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