Why Succession Planning Matters – And How We’re Practicing What We Preach

A recent survey highlighted in The Globe and Mail revealed something that may surprise – and concern – many investors: while 91% of clients believe it’s important for their adviser to have a succession plan, four out of five advisers still don’t have one in place.

That disconnect matters. Clients spend decades building trusted relationships with their advisers, often relying on them through major life transitions, complex retirement income strategies, and multi-generational wealth planning. Yet, as a wave of baby boomer advisers approaches retirement, many clients are left wondering: Who will help my family manage our finances when my adviser steps away?

Worse yet – if your advisor works for a Big 5 Canadian Bank, they might not have any choice about their succession plan. To increase profitability, the Big Banks are increasingly buying an advisors book of business directly from them at retirement, and hiring a new advisor from their retail network to take over those relationships.

It goes without saying – the stakes are high. Without a clear continuity plan, clients could suddenly find themselves without guidance at a critical time – particularly as trillions of dollars move between generations over the coming decade. The survey found clients’ top concerns are not just financial but deeply personal: they fear a lack of communication, losing the understanding of their unique goals, and even feeling a sense of loss if their long-time adviser retires without a plan.

At our firm, we believe clients deserve better. Succession planning shouldn’t be an afterthought – it’s an essential part of the responsibility we have to the families and businesses we serve.

That’s why we’ve built a well-structured succession plan that spans three generations of advisers. This isn’t just about business continuity; it’s about ensuring that clients, their families, and their businesses continue to receive the same high level of care, advice, and attention they always have – not just for years, but for decades to come.

We’ve also been intentional about practicing what we preach. We regularly help business owners design and implement their own succession strategies, guiding them through transitions that protect both their legacy and their stakeholders. The same principles we advise them to follow: planning early, building trust across generations, and prioritizing continuity, are the ones we’ve applied within our own firm.

This multi-generational structure means clients don’t just have one adviser; they have a team. It means that as your life evolves and your wealth passes to the next generation, there’s already a trusted professional in place who knows your story, your goals, and your family. And it means that when the inevitable transitions come, they happen seamlessly, not as a disruption, but as a continuation of the work we’ve built together.

Succession planning is about more than preparing for the future, it’s about protecting the trust you’ve placed in us. And it’s one of the most important ways we deliver on our promise to help you, your family, and your business thrive for generations.

Source: The Globe and Mail