As advisors start to ‘age out,’ firms look to step up succession planning

Studies show that most small advisors — particularly solo practitioners — have no successor to fill their shoes, nor very good prospects for selling their business to someone else. Whether it’s the lack of a clear path forward, fear of uncertainty, analysis paralysis, or some other stumbling block, it’s evident that many, if not most, independent or small firm RIAs are not taking their future into their own hands.