Succession Planning

Succession planning is a critical yet often overlooked aspect of a financial advisor’s practice. While we dedicate ourselves to helping clients plan for their financial future, it’s essential to also plan for the future of our own practices. Great Valley Advisor Group’s succession planning strategies are built around three core values: Customized, Continuity, and Confidence.

Our succession process involves creating a strategy for the eventual transition of an advisor’s practice to another advisor, whether due to retirement, illness, or any other unforeseen circumstances. It requires careful consideration and deliberate action to ensure a smooth transition and continuity of service for clients. We maintain the brand that propelled your growth. We celebrate what you’ve built and will never force you to leave your business’ identity behind.

When a new advisor joins GVA, they choose their affiliation, and we take care of the rest. From competitive deal structuring through transition and launch, our experienced team has successfully transitioned 100% of our advisors onto the GVA platform. Another key step in succession planning is identifying a potential successor. This could be a junior advisor within your practice or a colleague from the extensive GVA advisor family. In addition to identifying a successor, it’s crucial to have a detailed plan in place that outlines how the transition will take place.

This plan should address key issues such as client communication, asset transfer, and the transition timeline. It’s also important to work with legal and financial professionals to ensure that all legal and financial aspects of the succession plan are properly addressed.

Another essential aspect of this process is ensuring your practice is financially prepared for the transition. This may involve setting aside funds to facilitate the transition, evaluating the value of your practice, and making any necessary adjustments to ensure that the practice is financially viable for the successor. GVA’s customized technology stack for advisors provides access to tools and resources for every step along the way.

Finally, it’s important to communicate your succession plan to your clients and staff. Transparency is key in this process, and it’s important to keep all stakeholders informed and involved in the transition. Succession planning is an essential part of being a responsible financial advisor. By taking the time to plan for the future of your practice, you can ensure a smooth transition and continued success for your clients and your business.

Securities offered through LPL Financial, member FINRA/SIPC. Investment Advice offered through Great Valley Advisor Group, a Registered Investment Advisor and separate entity from LPL Financial.