Transition Your Clients
All the work you have done to build equity in your practice, identify your successor, and structure the terms of the sale won’t matter if your clients choose not to transition to your successor. It’s important to identify your successor early and begin preparing your clients for your exit. Prior to the transition, try to have your successor sit in on as many client review meetings as possible to both get to know your clients, but also get an understanding of how you run a meeting with your clients. By putting your arm around your identified successor, your clients will be more confident that they will be put in good hands. Incorporate your successor into whatever marketing initiatives you have and consider having an event to celebrate your departure and introduce your successor. Transitioning your clients to an advisor within the same Broker/Dealer as you has its definite advantages from a paperwork and processing standpoint. But if you do choose a successor who is at a different Broker/Dealer, make sure you have an in-depth discussion with their firm on what the process will look like to transition the clients and their accounts.
