By Michael J. Searcy
One of my favorite things to help clients do is prepare and maintain a roadmap for themselves and their survivors, thereby knowing we’ve helped achieve continuity for them and their loved ones. I never want someone to feel unprepared or unable to function after the loss or incapacitation of a spouse, so I work to initiate thought and conversation to keep all parties engaged in the planning process.
But if I were gone? Not only could they turn to our entire team, since each client is never working with a single person, but they would also be aware that our succession plan that has been in place for several years means there are four other principals continuing to lead the firm.
When you work with a financial advisor, you probably have the expectation that they’re going to maintain a big picture plan for your life, a plan that can even guide your loved ones in taking care of business after you’re gone. Would it then shock you to hear that 73% of financial advisors don’t have a written succession plan for their own business?
What will happen if your advisor retires or is no longer able to work? Will there be someone around to pick up the pieces? Or, will you be left to figure things out on your own?
Financial advisors who don’t plan for their own succession may be putting their clients’ success at risk.
We take that statement very seriously. That’s why, in addition to myself, our entire Executive Team is dedicated to the longevity of our firm and helping you know that your loved ones in the future will still be taken care of. I am proud to announce that Jessica Searcy Kmetty and Ryan Brooke have been named as Principals of our firm. You can learn more about our entire Executive Team here:
In an interview with MarketWatch, financial advisor succession planning expert David Grau Sr. states, “Succession planning is about sustainability and serving one’s current clients and their children and grandchildren; it describes a process that lasts well beyond any single adviser’s career.”
What can you do to protect yourself?
- Ask your advisor about their succession plan, where they’re at in the process, and what things would look like if they were gone.
- Ask to meet with their successor/s to make sure you’re comfortable with them.
- If the firm is being bought by another, make sure you know who you will be working with and if any contact information will change.
- Make sure each member of your family understands how the transition will happen.
Not only does adding new partners make us a stronger firm for our clients, but it also increases our reach and proximity to you. We now have offices in both Kansas and Florida, with additional presence in Arizona. But even if you aren’t physically in one of these locations, our technology and video conferencing lets you feel like you’re at the same table with us, regardless of any distance.
We look forward to growing with you!
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.
The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.
Published for the blog on April 29, 2019 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.