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Plan for today, tomorrow and the future

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Many of us are at different levels of our professional lives. You may be just at the start, or considering leaving the financial industry.

No matter where you are today, there will come a time when your clients will want to know who is going to look after their financial portfolio once the time comes for you to retire, or the inevitable occurs. Clients want to feel secure that you are managing your practice in a fashion that will carry on without you.

If you can’t confidently say you are, then you have to turn your attention to someone who has long-term career potential and you need to educate them on the path they have to follow. The best way to prepare for this transition is to find a trusted replacement, within or outside of your business and brief them on client cases. T

he Million Dollar Round Table (MDRT) is helping to ensure the legacy of its members’ hard work continues through its mentor program and succession planning tools:


MDRT encourages its members to facilitate mentoring relationships with aspirants. It creates a positive outcome for two producers by matching their varying levels of experience and talent to lead the aspirant to long-term financial success and the mentor to continued and/or greater success and personal satisfaction. The vitality of a practice depends on its leading producers to serve as inspiration and educate aspirants on the needs of clients. Becoming a mentor is one way to find a trusted confidant to ultimately take over or inherit client cases. This is an opportunity to show clients your preparation and dedication to training an aspirant to follow in your footprints.

Succession plan

Just as important as it is for your clients to safeguard their futures, it’s equally as important for you to have a successor to safeguard your years of hard work. It’s imperative to have colleagues that are familiar with your clients’ affairs and financial matters, and one of the best ways is through a succession plan. MDRT provides a Business Continuation Plan, which is a planning tool to guide its members through the steps and strategies to embark on this journey.

See also: Ready to sell your practice? Here’s how

We promise our clients we will be there for them today, tomorrow and in the future. Unlike other industries that have a defined path, financial advisors have an intricate road. We not only have to plan for the next chapters of our lives, but we need to make sure we take the necessary steps to ensure our clients have a happy ending as well.

For more from Phil Harriman, see:

Legacy planning with IRAs

Don’t play the numbers game

End scene: Succession planning for our clients and ourselves


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