The contingency plan: Your succession plan’s safety net

If you can count yourself among the minority of advisers — about 40% — who are within five years of retirement age and have created a succession plan, you’re all good, right? Maybe.

In working with advisers over the years, I’ve found that potential monkey wrenches abound in even the most solid succession plans. Advisers who do everything right often end up with disappointing results, forcing them to alter their retirement timeline or compelling them to cobble together a vastly inferior Plan B on short notice. It is important that you know the most common reasons succession plans fail so that you can attempt to avoid them. It is also important that you consider creating a Plan B.


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