Industry research reveals that a significant proportion of wealth management firm owners lack an effective succession plan, despite the median age of these proprietors being 49 years. The absence of adequate planning can result in negative consequences such as disruption in client service, reputational damage to the business, and the vulnerability of dependents including spouses and children. To address these concerns, a continuity plan is designed to protect the firm’s interests in the event of a disaster, while a succession plan aims to ensure the firm’s future by addressing matters like owner retirement.
In the absence of an internal plan, Moran Wealth Management® can offer resources for an external continuity and/or succession plan for your practice. Please feel free to contact us if you are interested in exploring this opportunity.