Succession planning is often postponed, not because it's unimportant, but because taking care of clients always feels more urgent.
Tyson Ray and Kim Cochenour unpack why "later" quietly becomes "now," how life events can force decisions before you're ready, and why clarity beats shame every time.
Tune in to learn how to get started where you are and move toward an outcome that happens on your terms, not by accident.
- Today's episode kicks off with Tyson Ray sharing the main reason why founders put succession planning off, even if they know it matters.
- "The urgency of caring for clients, because that's what we do, prevents the planning of the succession of the practice," Tyson explains.
- In his work, Tyson often finds himself discussing with clients the fact that they save and work for later. But when they realize that "later is now", they gain a whole new perspective.
- Did you know that approximately 80% of people in the U.S. don't retire on their terms?
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- What often happens with advisors is that the urgent crowds out the important, and things keep working that way until they have a triggering event in their life or health – and that ends up forcing succession planning upon them.
- Tyson hopes that everyone listening to this episode plans and executes a successful succession on their terms.
- Kim Cochenour stresses the importance of clarity: "It's going to beat shame every time and it's going to get you where you need to go."
- Tyson and Kim go over practical things advisors who are behind in their succession planning should consider and do.
- Advisors tend to lean toward an internal succession only to realize that it's not going to work – and that leads them to evaluating external succession options.
- Tyson opens up about what his firm has been focusing on, from a succession planning standpoint, over the last couple of years.
- An important message from Kim: "You need to understand that you don't have to have everything done at once. It won't be done all at once, but you still have to do something."
Mentioned in This Episode:
TotalSuccession.com
TotalSuccession.com/podcast
FORM Wealth Advisors
Tyson Ray
Kim Cochenour
Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First
