Succession Planning: Don't Wait to Start Client Transitions
7/21/2009
Many firms believe that their reputation, expertise, and history will help them to sustain their client base even after key partners retire. In an industry that relies so heavily on personal relationships, this is a dangerous assumption to make. To help ensure client retention, firms need to put in place a long-term, multi-pronged client transition plan at least two years before the partner’s retirement; with the eldest of the baby boomers turning 65 in 2011 that means such planning must begin now.
In the article "Succession Planning: Don't Wait to Start Client Transitions," we discuss the keys to successful transition planning, including:
- Getting partner buy-in;
- Classifying clients;
- Selecting the right successor; and
- Tips for building the new relationship and assessing its success.
Click here to read the full article.