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Family Advisor Succession: A Family Perspective

By Succession PlanningJune, 2023March 18th, 20242 min read

I’ve written several times about the challenges of advisor succession, and now want to look at this from a family risk perspective. If your advisor is suddenly unable to work, is it the advisory firm’s problem, or yours?

While the personal connection between a family of significant wealth and its advisors is important, succession arrangements on the advisor side can have a huge impact on the family. From a risk perspective, it’s important to avoid any “single points of failure”. Each advisor needs a back-up in case of emergency. This applies to wealth managers, lawyers, accountants and other family advisors.

A recent survey in Canada showed that 69% of advisors are nearing retirement or have started creating a succession plan, but only 11% said they have a formal succession plan. Advisors seem to be ageing, and this is also a concern for families who need advisors to be able to connect with rising generation family members.

Consider This: Have you included advisors as part of your family’s risk register? Does each of your advisors have a back up? Do you consider succession as a factor in your choice of advisors?

Original articles:

Actionable Generational Wealth Succession 

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