Succession Planning
Succession planning is like a hot air balloon ride — it takes thoughtful preparation, a steady hand, and the right timing to ensure a smooth lift-off and transition. When done well, it allows leadership to rise gracefully, offering a clear view of the future and continued upward momentum.
Why Succession Planning Matters
As a financial advisor, your practice is likely one of your most valuable assets. But what happens if you’re suddenly unable to run your business due to death, disability, or another unexpected event?
Would a lawyer go without a will? Then why would a financial advisor go without a succession plan?
Without a plan in place, you risk:
- Losing control over how your clients are treated
- A significant drop in your firm’s value
- Leaving your beneficiaries in a vulnerable position
According to LPL research, the value of a practice can decline by up to 60% in just two months without a succession plan. While your clients may be loyal, the absence of a clear transition strategy can quickly drive them elsewhere.
The good news? Succession planning doesn’t have to be complex. With the right plan, you can ensure your business, clients, and loved ones are protected.
At Financial Resources Group, we help advisors put strong, customized succession plans in place—so you can protect what you’ve built.
Your Options for Death & Disability Planning
Succession planning isn’t just for retirement—it’s essential for emergency situations. Whether you’re a solo advisor or part of a larger team, having a plan ensures:
- Continuity of service for your clients
- Retention of your business’s value
- Smooth transitions for your family or estate
- the most common planning options:
Operating Agreements
Define how your practice should be handled in the event you’re unable to continue—providing clear direction for your team and successors.
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“No matter your situation, there’s a solution to fit your needs. Don’t leave your business vulnerable—take action now.”
– Gloria Dubose
- How to Get Started with Succession Planning
Assess Your Current Plan
Do you already have something documented? Make sure it’s filed with both FRG and LPL to avoid any confusion in case of an unexpected transition.
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