Tag Archives: succession plan

Suck-session Planning

I recently tried to make an appointment to see my doctor for my annual check-up only to be informed that he has left to “take a sabbatical”. Bottom line is that he is tired and has had enough and is going to do something else.

I’m disappointed, but I guess I’ll just find another doctor. It will take a bit of time, I’ll ask around for some recommendations and will probably go and see one or two before making my choice. Just the same as I would do if my accountant, dentist, lawyer or any other professional retired/died/left the business. That’s the way it works…

So, what’s the FSB’s obsession with succession planning in the financial services industry? Why the need for a succession plan (as part of legislation)* which just adds to the cost of running a business and ultimately increases the cost of advice to clients?

If I leave/retire/die my clients can find a new financial planner. There is no financial risk to the clients and they won’t lose any money – they’ll just need to find another financial planner. That’s the way it works in any profession, except ours…but I guess we’re not yet a profession as much as we like to pretend that selling products is financial planning.

 

*a succession plan is good business practice, but to force it as part of legislation seems crazy to me.