Succession Planning Strategy Shift: From Dictating Direction to Co-Creating the Future with Bridget Venus Grimes and Marnie Bonner

Succession planning doesn't start with finding a successor… It starts with defining your vision and inviting your G2 to co-create the future of your firm. The mother-daughter duo of Bridget Venus Grimes and Marnie Bonner of WealthChoice reveal why soliciting feedback from next-generation advisors is non-negotiable for success and how coaching facilitated their transition. You'll discover the biggest challenges founders face when searching for G2 talent, why more conversations about succession would prevent fire sales, and what it looks like when your clients prefer your successor as their primary contact. This episode kicks off with Bridget Venus Grimes opening up about when succession planning started to become real, while Marnie Bonner touches upon how she ended up at WealthChoice after being in the tech industry. Bridget doesn't believe that any succession will be successful if you bring a G2 in and you say, "This is the vision for the firm, and this is what we're going to do." Soliciting their feedback and incorporating their vision and passion is key. Bridget, Marnie, and Kim talk about the benefits of coaching – including how coaching helps them invite Marnie into the business and start with succession planning. You understand that you're doing a good job when, like Bridget, you've been working with a client for 15+ years, but they see your G2 (Marnie in this case) as their preferred point of contact. For Marnie, being a G2 can be stressful – she shares the challenges that come with that. Bridget brings the role of founders' identity and the disservice that's being made to their clients into the conversation. Getting your succession planning in motion doesn't mean that you need to find a successor now, but at least you can start to think about what your vision for your firm and clients is. More succession planning conversations would help founders and would generate fewer fire sales. Kim highlights that even advisors in their 50s or 60s still have plenty of time to dive into succession planning and avoid being overwhelmed by life catastrophic events. Bridget shares her thoughts on being part of the community and how that can help your search for G2 advisors. "One of the biggest challenges for folks like me is finding a successor", she emphasizes. Despite having a background in health management and non-profit work, Kim was able to enter the financial advising industry – she explains how that happened and why both founders and G2 advisors should keep a similar scenario in mind. Marnie and Bridget open up about the 10-year goals for WealthChoice. 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 Bridget Venus Grimes Marnie Bonner WealthChoice NAPFA: The National Association of Personal Finance Advisors Ellevate Advisors Brooklyn Brock