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The Importance of Succession Planning

Sep 26, 2019

This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau of the Horizon Financial Group talk about succession planning, the benefits that advisors need to be aware of, and the resources that Horizon Financial Group can provide.

 

Episode Highlights:

 

  • 01:09 – Chad Soileau introduces himself and how he got involved with Horizon

             Financial Group.

  • 02:09 – What does Chad’s job at Horizon Financial Group?
  • 03:27 – Chad discusses a blog post he wrote about succession planning and the

             importance of it.

  • 08:17 – What steps should someone take in their 40s if they don’t have a
  • succession plan in place?
  • 10:07 – How did things work out with the advisor that Chad was sharing a story
  • about?
  • 1136:04 – 15%-20% of the advisors that Chad Soileau talks to actually have
  • succession plans in place.
  • 12:57 – What kind of attitude does Chad see among advisors in their 60s?
  • 13:55 – Advisors should think about the optics of having a succession plan in place
  • that they can talk about with their clients to lead by example. 
  • 15:00 – What resources does the Horizon Financial Group have available?

 

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3 Key Points:

  1. Chad Soileu’s role at Horizon Financial Group includes: helping other advisors build their practice, protecting that practice, and finding ways for them to leave that practice.
  2. Without succession plans in place, any buying advisor is going to try to get the best value for their purchase as possible.
  3. What is the value of your book of business to know what you are dealing with and consult with someone that has experience.

 

Tweetable Quotes:

  • (Succession planning) “Advisors really work with clients for planning purposes in a lot of ways. But often times they don’t think about it in their own roles.” – Bill Bush.
  • “People have two things that they care about, most...their money and their family. And it is not necessarily in that order sometimes.” – Chad Soileau.
  • “Maybe the first part is, getting a sample copy of what a continuity plan or succession plan looks like.” – Chad Soileau

 

 

Resources Mentioned: