Succession Planning: Why Most Advisors Get It Wrong

Succession planning isn’t just about retiring—it’s about protecting everything you’ve built. Lori Van Dusen, founder of LVW Advisors, warns that many advisory firms make the mistake of waiting too long to plan, putting their legacy—and clients—at risk.

Start Early, Not When It’s Too Late

Just like a good investment strategy, succession planning takes time. Advisors need to think about leadership transitions years in advance. Early planning allows for thoughtful mentorship, skills development, and smoother client continuity.

Invest in Future Leaders

Handing over the reins to someone unprepared is a recipe for failure. Firms must identify and train the next generation of leaders. That means coaching, exposure to decision-making, and allowing future successors to take meaningful roles early.

Stress-Test Your Succession Strategy

Would you hand a client an untested financial plan? Then don’t treat your firm’s future any differently. Role-play transitions, set timelines, and evaluate gaps—just like stress-testing a portfolio.

Your Legacy Depends on the Plan You Build Today

Succession isn’t just a personal milestone—it’s a business strategy. When done right, it strengthens culture, secures client trust, and ensures your firm’s mission continues.

These insights are inspired by the Next Mile podcast featuring Lori Van Dusen, Founder and CEO of LVW Advisors. Listen to the full episode here and explore more articles in this series.