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Unprepared for Succession

Advisors need to stop putting off planning their futures

A new study by TD Ameritrade shows that 60% of advisors do not have a succession plan.

Read Mike Byrnes’s article to see more statistics and to:

  • Understand why having a succession plan is important
  • Be aware of the risks of not being prepared
  • Get insight into how to pick a successor
  • Learn about the next generations of advisors

Contact Byrnes Consulting if you need help planning your business and putting a successor strategy in place.



  • Paul C. Spitzer November 10, 2011 at 9:53 am

    At first I thought this article was addressing preparation for the transition from wirehouse to RIA.

    I know from experience that most break away’s are not properly prepared and unfortunately leave a lot of assets on the table back at their old BD. The task of educating a potential recruit to break away becomes easier if they learn how to prepare properly.

    If more emphasis was put on this part of the process we could all get more advisors to successfully transition, bring more of their AUM and refer others to follow.

    I have a draft of a white paper I would gladly share (You would have to refine it and it would be nice to get some credit for authoring it) outlining the details of how to successfully prepare to break away to independence.

  • Dave Wren October 22, 2012 at 10:20 am

    I was previously at Smith Barney (Morgan Stanley Smith Barney). Left and went Independent in 2006.We have successfully helped four advisors leave and go Independent. Huge cultural differences that you need to overcome. We developed a turn key solution for these guys to take advantage of and have decreased the learning curve. In my opinion, If you have not lived it personnally then you know half the details. Our BD comes to us constantly for guidance.

    Know your new organization. Many claim they know what they are doing with respect to transitioning. In fact…many are good with other independents and very few are good with Wirehouse Reps.

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