Win Succession | WHY
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WHY

THE RISK

What happens if an advisor dies prematurely?

What happens if an advisor gets sick or injured and can’t work?

Heirs often have no knowledge of the industry and it will be very difficult for them to make a decision about what to do with the block of business.

DID YOU KNOW?

THERE ARE
70,000

Licensed advisors in Canada

ONLY
40,000

Advisors are active

AVERAGE AGE:
58

Of an advisor

16%
Succession Plans

Only 16% of these 40,000
(6400) have succession plans.

10%
Appropriate Successor

Only 10% of the 16%
(640) have identified successors.

Like the cobbler’s son, advisors have done a poor job of preparing for their own retirement.
Have you fully protected the value of your business?

WHAT THE EXPERTS ARE SAYING…

It’s possible for principals to avoid the temptation of staying in business too long if Advisors stick to some golden rules, but they often fail to do so because of these 7 sins:

  1. Failing to plan strategically for succession
  2. Lack of systems and processes
  3. Making yourself indispensable
  4. Lack of commitment
  5. Focusing on the wrong things
  6. Not optimizing available support
  7. Poor financial and statistical records

TRADITIONAL SUCCESSION OPTIONS

Succession plans0%

Only 16% have succession plans; they either…

  1. Sell to a family member
  2. Recruit and train apprentice
  3. Outright sale to unknown third party
Do Nothing0%

84% are either not looking (do nothing), or have thought about identifying an appropriate successor, but…

    • Do they have the financial means?
    • Are they going to be successful?
    • Will your clients accept them?