The New Succession Planning Playbook: More Options Than Ever (If You Start Early)

Advisors have more options than ever when it comes to succession planning, but those options only work when you start early and bring the right people into the conversation. Kim Cochenour shares insights from various industry experts to help ensure your exit isn't rushed, reactive, or forced. You'll hear why modern "rainmakers" focus on serving rather than selling, and why being methodical about your own succession planning makes you more attractive to clients with their own continuity and legacy concerns. In this episode, Kim Cochenour shares insights from a few conversations with the goal of helping you understand what needs to be done so that your exit isn't rushed, reactive, or forced. Aaron Hassler points out that both buyer and seller want their transaction to be accretive to their businesses. That's why educating yourself and having conversations with different people can help you understand what succession plan best fits you and your clients. "Advisors have more options than ever when it comes to succession," stresses Kim. However, those options only work when you start planning early and bring the right people into the conversation. Jackie Wilke explains why the concept of "rainmaker" needs to be redefined in today's financial advisor industry. "There's a way to reposition the rainmaker as business development. You're growing, not because you're selling something, because you're serving someone," she says. Tyson refers to modern rainmakers as "relationship managers," which are different from what was depicted in Hollywood movies in the '80s and '90s. Duncan MacPherson describes the progression the best firms go through. Remember: The financial professional who is methodical about their own continuity and succession plan becomes even more attractive to clients who have their own continuity, succession plan, and family investment legacy. Kim stresses that the industry is changing: advisors are retiring, and the next generation is approaching the profession very differently. 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 Aaron Hassler Spruce Rock Capital Jackie Wilke on LinkedIn First Trust Duncan MacPherson