Recently, I had the opportunity to visit with Jay Coulter to chat with him about succession planning for financial advisors on The Resilient Advisor podcast. We discussed the basic points of planning for an extended absence from work, for short-term or longer-term disability, as well as for the death or retirement of the advisor.
I believe that most independent financial advisors have not completed any meaningful planning for their business, to address these issues. In failing to do so, advisors are really a heartbeat away from a possible business catastrophe. Listen in as Jay and I discuss some practical issues for financial advisors to consider.