Consistency is a difficult matter

However, this question is particularly important in the wealth management sector, where the average age of an advisor will be 57 in 2022, according to research by JD Power.

These figures come at a time when the need for financial services will increase due to the large transfer of wealth expected with the death of the baby boomers. Thus, according to estimates by research group Cerulli Associates, $84,000 billion will change hands by 2045.

So it seems clear that now is the time for advisors to think about succession planning, especially as other concerns may arise when they lend themselves to this exercise.

Procedural changes

Brooklyn Brock thus recalls several cases of problematic succession. The first concerns a councilor who decides to bequeath his company to his sons. Away from the office, but not completely retired, the latter did not respect the latest business procedures, as a result of which the client filed a complaint accusing him of selling products without making all the required declarations.

The sons therefore wanted their father to leave who refused to obey. Finally, it took the help of an expert to understand the father’s reluctance: the fear of not having the funds to retire. So the sons consulted a financial planner, who confirmed that retirement was possible and that the father could walk away comfortably.

Redefine yourself

Another challenge is knowing what to do after you leave. Many people ask, “What is my personality outside of work? What makes me important without my job? “, reports Brooklyn Brock.

So it’s healthy to have other passions and know what you’re going to do when you retire. Otherwise, it looks like a more difficult transition than it actually is.

Therefore, it is important to clearly define the new life that the retiree can expect. The goal is not to see retirement as an end, but as a milestone toward finally accomplishing the projects we keep putting off due to lack of time.

Set a release date

One of the most important tasks in real estate is simply setting a deadline. Experts say that while that date is far off, setting a clear deadline for the transition is essential to ensure it happens.

One of the problems we often encounter during succession is when the boss ultimately decides not to leave.

“The owner took some things off his plate and began to appreciate his work a little more. So their retirement date got pushed back and pushed back and pushed back, and now it doesn’t exist,” says Nick Gertsema, 39, a certified financial planner in St. Joseph, Missouri, at Gertsema Wealth Advisors.

The person taking the position should know that at some point it will really be up to them and they will no longer be dependent on the old boss.

Learn to let go

Letting go is another problem for bosses. When it’s time to give way to the next generation, you should open up and learn their suggestions and ideas. It’s not easy to lose control, but the successor needs some leeway to run things his way and even make a few mistakes.

Even if you think your way of doing things is the best, it’s good to be open to other ways, especially if you plan to leave the company soon.

Successors must be given the opportunity to develop into new leadership roles, and old ways must not become the enemy of the new.


In order for the property to work, there must be complete transparency about the business. It may take time for the owner to get comfortable with this. To help with this, Brooklyn Brock recommends gradually transitioning to more sensitive information, such as ratings and performance reviews.

So why not have both sides sign a non-disclosure agreement at the beginning of the negotiations so that everyone feels comfortable in the open.

It may also be a good idea to enlist outside help to make sure the conversations go smoothly. The important thing is that anyone can think aloud about the property on a regular basis with someone they trust.

“If they don’t tell anybody, that’s a red flag that they’re going to be scared because they’re not dealing with their emotions, they’re not fully thinking about it,” Brooklyn Brock said.

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