A guide to succession planning for financial planning firms

08/2/2013 | Journal of Financial Planning

Financial planning practices looking to hand over leadership posts as current executives near retirement can learn from the methods that large organizations use for succession planning, though with some modifications, writes Elisa George, industrial and organizational psychologist and president of Informed Assessment Solutions. Steps include identifying candidates with the specific knowledge, skills and abilities to take over; assessing their strengths and weaknesses; and providing candidates with opportunities to develop and take on new challenges.

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