The Importance of Succession Planning for Advisors (Ep. 5)

The Importance of Succession Planning for Advisors (Ep. 5)

Many advisors often fail to plan for their eventual retirement and succession, risking their legacy and business.

Without a well-designed succession plan, they may face difficulties in finding a suitable successor, maximizing the value of their business, and securing their legacy for future generations.

In this episode, David Grau Jr. dives into the crucial topic of succession planning, emphasizing the importance of designing a plan regardless of how far away retirement may seem. Additionally, David explains three key details to avoid when creating your succession plan.

David discusses: 

  • What succession planning is
  • The value of writing down retirement and succession plans for advisors
  • The importance of starting to think about succession planning and exit strategies early on in one’s business
  • The pros and cons of internal succession planning versus third-party sales for advisors looking to maximize the value of their business
  • The value and mixed opinions of aggregators in the financial industry
  • The importance of valuing your business annually to build a better, more valuable business and to pass on something of value to your heirs
  • Three things to avoid when it comes to internal succession planning
  • And more!


Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen, and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, and reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business, David had a beautiful head of hair. Now he doesn’t.

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