Succession planning is a critical yet woefully neglected business necessity that could cost advisors millions of dollars if not properly handled. Today’s guest, Tim Kochis, is the co-author of a new book on succession planning titled, Success and Succession, and we dive into the details of how to effectively do it.

Tim is a legendary wealth advisor who co-founded Kochis Fitz, a multi-billion dollar RIA firm, and guided it through a merger to create Aspiriant, one of the country’s leading wealth managers. Along the way, he held numerous leadership positions within the industry and has been recognized with several prestigious awards including the inaugural Schwab Impact Award and FPA’s P. Kemp Fain Award.

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Seven Things You’ll Discover in This Episode

Tim Kochis: You don

Tim Kochis: You don’t really have a succession plan unless you’ve written it down and rd.made it public.

  1. The three main aspects of succession planning you have to get right in order to make it work.
  2. Why it’s often a bad idea to have succession in ownership and succession in management happen at the same time.
  3. How the founder of the firm can get over the emotional hurdles of “giving up the reins” to their business.
  4. When in the process you should start discussing the economics of the transaction.
  5. How to carve up the equity and cash pie so it rewards the founder yet still leaves enough upside to make it attractive to the successor.
  6. How to make your firm less “founder-centric” so the business can survive and thrive without you.
  7. The “prime motivator” all advisors and successors should keep in mind when doing succession planning.

Tim Kochis on the future of the financial advice industry.

I think we’re going to have a relatively small number of very large firms that will provide the advantages of scale, an enhanced client service, and lower operating expense. But there will still be firms that won’t have difficulty finding clients that are smaller, and more intimate, and are more immediately responsive even in terms of a market niche or a local geography to a client base.

Steve Sanduski: Putting a succession plan in place is the fiduciary thing to do.

Steve Sanduski: Putting a succession plan in place is “the fiduciary thing” to do.

Other Succession Planning Resources

– 5 key elements of a succession plan — CNBC

– Start planning early — Wealthmanagement

– The ‘why’, ‘why not’, and ‘how’ of financial adviser succession planning — InvestmentNews

– The financial upside of succession planning — ThinkAdvisor

iTunes Between Now and Success

Soundcloud Between Now and Success






– Grow Your Business Now! A special report on 52 strategies, tips and tools to Grow Your Business Now! This is a tremendous resource guide.

– 5 New Ways to Grow Faster Podcast: This is a 40-minute recording of me being interviewed about 5 new ways to grow your business faster.

– How to Launch Your Own Content Marketing Program: This valuable ebook shows you exactly how to design and launch a content marketing program that gets your message out to your target audience and generates high-quality leads.

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