Something I hear from wealth management professionals over and over amid the global pandemic are the wistful words, “When we get on the other side of this…” Which is usually followed by, “Whatever that means!” I get it. I have felt and expressed the same sentiment.
If you’re feeling the same, are you open to considering another point of view? I’m not suggesting that you put on a pair of rose-colored glasses; however, reframing your perspective will open you up to the very real opportunity of leveraging this time for good.
There are risks and costs to action. But they are far less than long-range risks of comfortable inaction.
John F. Kennedy
The gift of the “Great Reset”
Too often in my work with clients—heck, even in myself during my time as firm partner—I see firm owners unconsciously rationalizing what John Kennedy called the “risks of comfortable inaction.” This is particularly true when it comes to strategic planning.
Planning and decision-making around succession or exit strategies is even farther down the list. A majority of RIA founders and shareholders just put it off.
What if, this is a gift of time to truly pause and consider—perhaps for the first time:
- What are you building?
- Why are you building it?
- What do you aspire to when it comes to legacy and/or sustainability?
- Who do you want on this ride with you?
If you’re a firm owner or leader without a “real” plan for succession and you’re older than 50, self-reflection at this point really isn’t optional. Readying yourself is the first of four critical phases for preparing for the future transition of your business. It’s also necessary for you to lead effectively.
Get a clear path forward
By starting with yourself and gaining clarity around your aspirations, you can develop a starting point for the second critical phase: engaging in conversations that matter with the people that matter most for you to achieve a mutually successful outcome.
Right now, is the perfect time—even though most of us are working remotely—to cultivate deeper connections within your team. Relationship is the foundation necessary for creating a shared vision of mutual success.
The greater the rapport, the greater the trust and the stronger your firm’s culture. When you open yourself up to this level of communication with your team, you inspire loyalty and trust. Imagine what you can accomplish with whole-hearted buy-in for the journey ahead.
What you have built is too important to leave to chance.
If you’ve been putting off strategic and succession planning, deep down you already know that “someday” is now. It’s very difficult to find the time to do this work, you must make the time.
Are you ready to create your own personalized succession plan and roadmap for action?
You can do this. I can help. Together we’ll determine what you really want for your legacy so that you and your business thrive on this phase of your journey… starting right where you are.
Click here to download our complimentary report- “5 Questions Business Owners Never Ask and Should, to Create a Succession Plan that Works ”
