The Succession Alliance, a taskforce created by the independent professional organisation the Consumer Duty Alliance, has launched a profession-wide survey to explore succession planning across financial advice firms in the UK.
It is seeking views from people in all roles working in Financial Planning firms, including business owners, leaders, advisers, paraplanners, administrators and compliance professionals.
It hopes the nationwide survey will 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.
While succession is often discussed in the context of firm sales and acquisitions, the Alliance said that its impact extends far beyond business owners, affecting career opportunities, future leadership, good client outcomes and the long-term sustainability of the advice profession.
The survey forms part of the its broader mission to improve education, consistency and standards around succession planning within the profession.
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.
“If succession planning starts later than it should, that'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.”
He said the 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 is designed to take less than ten minutes to complete. Responses are anonymous and participants will have the opportunity to register for early access to the findings. The survey is here https://www.surveymonkey.com/r/Y6SRXS2