Shoemakers Kids are Shoeless: Why Advisors Flunk Succession Planning
Indeed, according to the Financial Planning Association, 73 percent of advisory firm owners do not have a written succession plan, and 60 percent of those owners five years away from retirement don’t have a plan. Another survey showed that 40 percent of planners are “ill prepared“ to turn over the reins of their practice to someone else. “This is the proverbial shoemakers’ kid with no shoes,” said Mark Schoenbeck, executive vice president and national sales director at Kestra Financial in Austin, Texas.
Financial Advisor Magazine,January 21, 2019