Why Succession Planning Fails Financial Advisors… And How to Fix It with Jackie Wilke

Succession planning succeeds or fails in just a few critical places, and most financial advisors don't realize where they're vulnerable. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to break down the three make-or-break factors in succession planning, from redefining rainmaking to building leaders who can truly care for clients. You'll hear why succession is your final act of client service, how to future-proof your firm, and what it really takes to prepare the next generation of advisors to step up. Tyson Ray and Kim Cochenour are joined by Jackie Wilke to dig into the three biggest areas where succession planning either takes off or falls apart. Jackie kicks things off by sharing her industry insights regarding succession and its relationship to team builders and building an advisor transition team. She notes that estimates forecast 37% to 46% of advisors planning to retire over the next 10 years – yet, most of them don't have a succession plan in place. Despite what you may have thought, at the end of the day, succession planning is about the client. Jackie is a fan of a quote by one of her clients, who referred to succession planning as "their last act of client service." Tyson sees the advisory industry as focused on wanting Gen 2 to be the rainmaker, not realizing that, at some point, the team needs caretakers for their clients. Jackie touches upon a mindset shift she believes could help advisors: redefining what rainmaking means. The modern rainmaker should be something that achieves business development-propelled growth, not because they're selling something, but because they're serving someone. "Human capital is such an advantage in our industry", says Jackie while sharing several considerations leaders should keep into account to shape the future leadership bench of their firm. One of the biggest mistakes Tyson sees advisors make with their successor is to expect them to follow exactly in your footsteps to get to where you got to. However, if you think about it, what you did 5, 10, 20 years ago to get here now probably needs a different "who", "how", and "why"..! Jackie, Tyson, and Kim discuss ways to find talent and the right approach to firm growth and to develop a growth mindset. Fun fact: only 19% of kids stay with their parents' advisor. Jackie touches upon what she thinks makes a business more attractive to a potential buyer or to a successor who wants to take over. Taking a minute to evaluate where your firm is at is the first step Jackie suggests taking to future-proof the next generation of advisors. Tyson explains why, over the last few years, he purposefully capped his income – and the impact that move has had on his firm. 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 Jackie Wilke on LinkedIn First Trust First Trust blog and resources J.D. Powers The American College of Financial Services LinkedIn The Wolf of Wall Street