Successful advisors come in various forms. Nevertheless, many of them need to pay more attention to their own planning – planning for their succession. 

According to WealthManagement.com, only one-third of advisors have a succession plan. Carina Diamond, founder and CEO of Stella Secunda, shares her three succession guiding principles that helped her transition an advisory practice of $500 million. 

1. Never Meet With Clients Alone 

Secunda suggests consistently conducting client meetings with two team members present involving them. This approach conveys to clients a team-centric approach to client advancement and service and a well-defined succession plan. 

2. Support Additional Training and Education 

Secunda advises and actively encourages team members to pursue additional training and education. Secunda always approved requests to fund additional professional designations and training, resulting in team members acquiring qualifications like CFPs, AIFs, and FPQPs. As team members passed more exams, their self-confidence surged, and we celebrated these achievements together.

3. Build A Team. 

To foster a strong team dynamic and client-centric approach, consider these strategies:

• Set Clear Team Goals: Annually establish team objectives and break them into specific behaviors, ensuring everyone understands their responsibilities.

• Regular Goal Review: Consistently revisit these goals, celebrating achievements and recalibrating when progress lags.

• Team-Based Compensation: Implement a compensation structure that combines salaries with team-based bonuses. This incentivizes collaboration and collective client handling.

• Supportive Team Environment: Encourage team members to assist each other when extra help or training is needed, as it strengthens the group, eliminating individualistic mentalities.

• Engage in Community Service: Regularly engage in various community service initiatives and involve clients. This demonstrates the value of your team's efforts and fosters client engagement.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition they make.