On the Money: Succession planning key to long-term client service

Ninety-nine percent of independent financial services and advisory practices go out of business when their founder retires, according to consulting firm FP Transitions.

Few owners relish the topic of succession planning. That was certainly true in my case. For years, succession planning seemed like a distraction from my core work of portfolio management consulting. Like many other independent financial professionals, I was more “practice oriented” than “business oriented.”

Read more in the latest “On the Money” column, contributed by Bill Perry of Park Place Capital Management Inc.

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