Cambridge has created a subsidiary to help its advisors draft good succession plans, even helping to finance deals between senior advisors and their successors. Schwartz said that members of Cambridge's Continuity Partners Group are reaping the benefits.
"Our partners are able to tell their clients that they have a structure behind them," he said. "The average CPG member is growing faster than other advisors we work with."
Carson can attest to the value of a succession plan that motivates employees and provides clients with peace of mind. He expects that most solo practitioners don't have the energy and wherewithal to undertake the effort and that larger firms like his own will have a competitive edge in a coming shakeout in the industry.
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"It's natural that investors want to know how they're going to be impacted if the founder of the firm dies" or retires, Carson said. "A succession plan provides a huge marketing advantage."