How your financial services firm plans for the future will have a profound impact on the long-term profitability of your business. It's not enough to meet the financial needs of your current customers and business partners; you must prepare for the future and ensure you have strategic growth plans in place.
One crucial component of effective future planning is to develop a detailed succession plan. Wealth management firms who fail to create a defined succession plan risk losing customers (and personnel) to savvier competitors. If you want assistance developing a succession plan in 2018, keep the following seven tips in mind.
Apply these tips to the succession plan for your financial advisement firm and you'll go a long way towards future-proofing your organization this year. Review your succession plan on an ongoing basis, and your business will be ready for whatever the future may bring.
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