A well-crafted succession plan helps Registered Investment Advisor firm owners align their personal goals with their professional goals, as well as align with the goals of the other partners. It can also improve a firm’s business model and valuation. This paper includes the material elements of succession, the advantages of having a succession plan (and the risks of not having one) and the considerations and process to implement succession.
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A case study that highlights how one of our clients (Massey Quick Simon) has taken the opportunity to proactively manage its succession plan to help meet the objective of creating a multi-generational firm is also included.
This paper was developed in collaboration with Advisor Growth Strategies, a management consulting firm that works with financial advisory firms seeking to aggressively grow or require assistance in solving critical business management challenges.
The Bank of New York Mellon Corporation (BNY Mellon) is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. BNY Mellon delivers informed investment management and investment services in 35 countries. BNY Mellon’s Pershing Advisor Solutions is a leading provider of business management, execution and financing solutions with custody at its core. Its clients are professionally managed, growth-oriented advisory and wealth management firms and institutional providers that serve clients with complex financial lives.