Succession planning eludes most advisers
Despite the efforts of licensees to promote succession planning, only a fifth of financial planners have a comprehensive roadmap in place, a survey has revealed.
While almost a quarter of respondents (24 per cent) said they had a basic succession plan, 30 per cent said they had not thought about it, according to the Slice2 survey of financial planners.
However, 26 per cent said they were “working on it”, which was seen as encouraging news, according to financial planning recruitment agency The Dawson Partnership.
Of those who had a comprehensive plan, 60 per cent had created it with the help of their licensee or a business consultant, the results showed.
Among the other results, the research found changes to Future of Financial Advice (FOFA) reforms would have a positive impact on most surveyed planners, with 52 per cent believing it would end client confusion.
Two fifths said the FOFA changes would reduce the administrative burden, while 32 per cent said they would free up time to spend with clients.
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