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Planning the transition

One of the most rewarding scenarios for a financial adviser is when their client faces a series of difficult decisions, while transitioning from one life stage to another. The process of transition, whether it’s retirement, divorce, or a business sale, requires a financial adviser’s full range of skills. It also takes time and dedication to undertake.

Providing wise counsel is one thing, but when you become the client and the adviser, the challenge increases exponentially. This is exactly what happens when a financial adviser sells their business and makes their own transition. While it’s possible to surround yourself with advisers for technical aspects of the process (financial, legal and tax are obvious ones), it’s not always possible to find support on the softer aspects of the transition.

While it’s incredibly rare for anyone to set a plan of any kind and execute it to perfection, holistic planning in advance of a deal undoubtedly helps.  By ‘holistic planning’ I am referring to the softer, quality-of-life aspects of your plan that will become the most important as you navigate your way through the transition. A healthy dose of introspection can help you to appreciate what you want and put life into perspective.

If you are facing this transition in the months and years ahead, we hope that our Succession Guide will provide some insights to get you started. It is exclusively available to advisers that use Transact and can be downloaded from the resources section of our website.

As Steven Covey famously wrote in The 7 Habits of Highly Effective People, “start with the end in mind”. Think about the life you want to live. Then make a plan to get there.


Guide for sellers

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