The Succession Alliance, a taskforce of the Consumer Duty Alliance, has launched the first profession-wide survey to better understand succession planning across financial advice firms in the UK.
With a significant number of financial advice firms expected to change hands within the next five years, the taskforce is seeking to survey people working in all roles across financial planning firms, including business owners, leaders, advisers, paraplanners, administrators and compliance professionals.
The Succession Alliance said the survey is aiming to build a comprehensive picture of succession planning in the financial advice sector, helping identify the challenges, opportunities and support needs facing firms and their employees.
Ben Wright, chair of the Succession Alliance, said: “Succession is one of the most significant challenges and opportunities facing financial advice today, yet there is surprisingly little profession-wide data in terms of how firms are actually preparing for it.”
Wright warned that if succession planning starts later than it should, it’s not just a risk for business owners, but for employees, future leaders and the clients who depend on those firms.
“The most successful succession outcomes are rarely the result of last-minute decisions; but are built through long-term planning, talent development and giving people clear pathways to progression and ownership.
“This survey is the first attempt to create an accurate profession-wide picture of how financial advice firms are approaching succession today. Whether you’re a business owner, adviser, paraplanner, administrator, compliance professional or aspiring future leader, your perspective will help identify where the profession is today and where support is needed most.”
The survey forms part of the Succession Alliance’s broader mission to improve education, consistency and standards around succession planning within the profession.
Keith Richards, founder of the Consumer Duty Alliance, added: “Succession planning is often discussed in terms of ownership, valuation and transactions, but at its heart it’s about people.
“The decisions firms make today will shape future career opportunities, the development of future leaders and, ultimately, the continuity of relationships built with clients over many years.
“By giving a voice to everyone working within advice firms, this survey will help us better understand the challenges, aspirations and concerns that exist across the profession, enabling the Succession Alliance to focus its efforts where they can make the greatest difference.”
Participants can take part in the survey here: https://www.surveymonkey.com/r/Y6SRXS2
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