London AVERY’s George Boahene on Succession Planning: Insights from Wealth Professional

Succession planning is often one of the most emotional and complex decisions an advisor will face. In a recent Wealth Professional article, London AVERY’s consultant George Boahene shared his thoughts on the common challenges advisors encounter during this pivotal phase of their careers.

George highlights that while technical issues like tax efficiency and choosing a successor are important, the emotional attachment to the business is often the hardest part. Advisors spend decades building their practices, which makes letting go a deeply personal decision.

The article emphasizes that for many advisors (and small business owners alike), they have poured your heart and soul into the business for years. Thus letting go can be emotionally turbulent, especially when it involves your clients, many of whom have become like family.

George also stresses the importance of planning early. Succession should not be a last-minute decision. He encourages all to begin preparing, at least three to five years in advance and to review their plans regularly to reflect changes in the business.

“Succession plans are often created and then forgotten,” George warns. “Revisiting and updating your plan is crucial to ensure it aligns with the current state of your business.”

Choosing the right successor can also be a challenge. The experts featured in the article both advise advisors to carefully consider not just technical expertise but also the successor's compatibility with existing clients.

For those embarking on this process, George strongly recommends seeking objective, professional advice. “Having a neutral third party can provide clarity and help manage the emotional complexities,” he notes.

If you’re considering succession, London AVERY is here to help. For more insights, you can read the full article here.