FROM THE BLOG
Why Succession Planning Should Be a Priority for Every Financial Advisor
Posted by Prospera Financial on May 13, 2025
Succession planning isn’t just about retirement – it’s about building a practice that can thrive without you.
Whether you’re five years or fifteen years from stepping away, having a plan ensures your clients are taken care of, your legacy is preserved, and the value of your business is protected. Too often, advisors delay these conversations, assuming they’ll “figure it out later.” But a strong succession plan takes time, intention, and the right people.
Here are three things to consider:
1. Start Early
The best transitions happen gradually. Identifying and mentoring a successor early gives you time to teach them your process, introduce them to clients, and build trust organically.
2. Explore Your Options
There’s no one-size-fits-all approach. You might develop an internal associate, merge with another advisor, or look to an external buyer. Each path has pros and cons – what matters is choosing the one that fits your goals.
3. Don’t Do It Alone
You don’t have to figure it all out yourself. Prospera’s Practice Management team can guide you through every step – from initial planning to implementation. We offer tools, resources, and one-on-one coaching to help make your succession plan a reality.
Succession planning isn’t just an end-of-career task – it’s a smart business strategy that protects everything you’ve built. The earlier you start, the smoother the road ahead.
Happy planning,
Carolyn Sterling, CFP®
Director of Practice Management
