How to build an effective internal succession strategy

When it comes to exit strategies, financial advice firm principals have a number of routes they can pursue. Do they sell out to a rival firm? Do they hope to get bought out by a consolidator? But the route that almost all principals hope for is internal succession, a strategy enabling them to sell the business to their own staff. While there is the continuity of advice for clients, adopting a ‘buy in' policy can encourage younger staff to join and stay with the firm. And internal succession can be done at a less stressful pace than a traditional sale, reducing stress and disruption...