Succession planning is often viewed as a lengthy and administrative chore, but it has recently risen to the top of the agenda for many CEOs since the start of the COVID-19 pandemic.
More than half of the registered investment advisors (RIAs) surveyed in a 2019 study said they did not have a succession plan in place, and 11% said they had no plans to create one.
The pandemic has intensified the focus of long-term sustainability of firms, and now is the right time to establish a succession plan. These steps can help you get started.