The Importance of Succession Planning
by Sheryl Rowling
In these interesting times, now more than ever I am convinced of the importance of succession planning. This topic is top of mind as we have just completed an ownership transition in Rowling & Associates, the independent RIA I founded 30+ years ago.
I am pleased to announce that the next generation leaders of our firm have stepped up to take over the management and strategic direction of the firm and I couldn’t be happier with this outcome.
You can read all about it here:
This great outcome is the result of years of work, focus and even a false start.
I firmly believe that as advisors, we have a fiduciary obligation to clients to ensure that they will be taken care of should things change with their wealth manager. Throughout my career I have been an avid student of these issues, not only for my business, but also for the businesses of our clients who are facing the same set of issues. Succession is a natural and predictable process for any business and can actually be a growth driver as next generation talent comes in with new ideas, energy and a broader point of view to expand the business.
So, as you think about your own plans, our InStrategy outsourced investment research platform can be the start of leveraging a strategic resource to free up your time to begin the search for your successor; or even can be a bridge for Rowling & Associates to be your continuity plan should something happen.
While we didn’t start out with InStrategy as a way for firms to be able to transition their businesses, it has evolved to potentially be a way for firms that don’t have any internal options to have a fallback plan.
In the meantime, while I have transitioned ownership, I’m not going anywhere!
I love working with clients and will still be actively involved in the firm. So, feel free to reach out if you have any questions about these issues or any ways that we can potentially be a resource. I really enjoy sharing my experiences and lessons learned with any advisors as we are all in this together. You can reach me at firstname.lastname@example.org or on Twitter @SherylRowling.
Yes, these are weird times we are currently living in, but I am very optimistic for the future of the independent wealth management industry and hope your outlook stays positive and your tests negative.