Atlanta (Sept. 24, 2003) -- The Financial Planning Association has authored a new manual to help planners address succession planning.
Titled “Succession Planning Strategies for the Financial Planner,” the manual is designed for planners at all stages in their careers.
The manual includes six succession planning strategies and 12 real-life case studies submitted by financial planners. It also addresses topics such as the psychological impact on both clients and the planner, valuation issues, and acquiring another practice for those in early to mid-career stages.
“The individuals in these case studies have avoided the number-one mistake that planners make when it comes to succession planning. And that is, not planning in advance,” says David K. Goad, ChFC, a succession-planning consultant in Newport Beach, CA, and author of the new FPA manual. “It’s so much better if succession planning starts at least three, if not five or 10 years in advance of the event. Those who do plan in advance reveal a surprising truth to themselves. That certain succession strategies can be utilized today to address current profitability and work style issues, with your actual departure delayed years from now.
This guide is available in both hard copy and electronic format at
-- WebCPA staff
