Succession Planning and Legacy: What Will Your Clients Say When You're Done?

You might be really successful, but if you have success without succession planning... you're failing. Tyson Ray and Kim Cochenour reveal why thinking about legacy is essential for advisors at every stage, how your legacy lives within your firm's culture and team, and the critical question to ask yourself: "What will people say about me when I'm done?" You'll discover why starting your journey with the exit leads to regret and why your practice might be your life's work, but your legacy gets to be bigger than that. In this episode, Tyson Ray and Kim Cochenour look at how advisors should want to be remembered. Tyson explains why he believes that thinking about legacy is key for all advisors, especially those starting out. "You might be really successful, but if you have success without succession… you're failing," says Tyson. For Kim, the legacy you're trying to build lives within the home of your firm, it shows up in team culture. Tyson touches upon a key question every advisor should ask themselves – and that affects them, their team, and clients. Tyson opens up about an exercise he uses for planning and for having planning-related conversations with his family. Want to design your legacy with intention? Ask yourself, "When I'm done, what are my clients and people I love going to say about it?" Tyson believes that advisors are too late only if they believe that that's a reality for an outcome they can still change. When it comes to the S.P.A.C.E. framework, for Kim, many advisors avoid the Seeing part because it's the hardest step for them to take. Did your journey start with the exit? Beware, because there's a very high likelihood that you're going to regret how you exited. "Your practice might be your life's work, but your legacy gets to be bigger than that," stresses Kim. Mentioned in This Episode: TotalSuccession.com TotalSuccession.com/podcast FORM Wealth Advisors Tyson Ray Kim Cochenour Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First Nick Murray