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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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.
- 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
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