Is your succession plan sitting on a post-it note, or is it a documented strategy for the future? Many financial advisors delay planning because it feels emotional or scary, but treating your exit as a long-term business strategy is the key to protecting your legacy.

Hosts Tyson Ray and Kim Cochenour, are joined by special guests to discuss the realities of moving from a single-owner practice to a leadership-team-run business. We dive deep into why exit planning should not be a one-time event, but rather a purposeful strategy to increase the value of your practice and ensure your clients and team are taken care of.

Key topics covered in this conversation include:

• The emotional barriers that keep advisors from planning for what is next.
• The difference between a catastrophic plan and a true succession strategy.
• How to use the principles of vulnerability-based trust to build a stronger leadership team.
• Why verbal agreements mean nothing without legalized documentation.
• A look at industry statistics showing why the next decade is critical for firm owners.
• Real-world examples of how preparation leads to successful partnerships rather than just acquisitions.

Whether you are looking to retire soon or just want to step away from the tasks that drain your energy, this episode provides the roadmap you need to exit on your own terms.

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Andrea Schlapia

Ironstone

Ted Motheral on LinkedIn

Building a team and making it work are two different things, especially when succession planning depends on your relationship with your next-gen advisor.

Hosts Tyson Ray and Kim Cochenour are joined by JAM Consulting Group’s Kaleen Barbera to discuss and explore the behavioral science behind effective teams.

Feelings come before facts, asking before telling builds connection, and acknowledging different opinions aligns everyone toward a common goal.

• Kim Cochenour kicks things off by stressing that advisors need to remember that building a team and making it work are two totally different things.
• Guest Kaleen Barbera shares her story of 30+ years in the financial services industry.
• Building better relationships with advisors and helping them grow their practice have been two key areas of focus of Kim’s.
• From a behavioral science perspective, there are several things that make a team work, including structure, asking before telling, and acknowledging that feelings come before facts.
• If we’re unable to engage each other in a way that builds connection, it’s going to be truly difficult to align and reach a common goal.
• Kaleen touches upon a client who she has helped build a better relationship with his team.
• Acknowledging that someone might have a different opinion is important, especially when it comes to succession planning and your next gen advisor.
• Tyson opens up about the transformation he underwent as a leader and how that has impacted his firm.
• Kaleen lists a few things that should spark the need – or the possibility – of asking for help as a financial advisor.
• It took Tyson some time to start letting go and creating space for others to step in.
• When it comes to financial planning, one of the fundamental steps is to highlight what the cultural values and team philosophy are.
• Tyson, Kaleen and Kim talk about the importance of the vision part, and what founders should do when they have an idea in their head.
• Kim sees the S.P.A.C.E. framework as something that can be applied even just to your team members.
• Tyson, Kaleen, and Kim end the conversation by discussing how (and when) JAM Consulting Group could help financial advisors and leaders.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Kaleen Barbera

JAM Consulting Group

Why do advisors who excel at guiding clients through retirement planning struggle to start their own succession planning?

Tyson Ray and Kim Cochenour, along with Aaron Hasler and Andrea Schlapia, explore the three reasons why advisors don’t get around to it.

You’ll hear about the #1 challenge for advisors, why and how “business exit” should be reframed, and why failing to treat succession planning like the process it is leads to value erosion.

• Tyson Ray and Kim Cochenour look at why advisors seem to struggle to get their own succession planning process started.
• Tyson and Ray address the topic by also featuring contributions by Aaron Hasler and Andrea Schlapia.
• Kim kicks things off by touching upon three reasons why advisors typically don’t get around to their succession planning.
• They are: 1) not really understanding the options; 2) succession planning feels way more personal than what you expected; 3) you haven’t defined what you actually want next.
• For Aaron Hasler of Spruce Rock Capital, education is the #1 challenge advisors face.
• He shares a couple of suggestions advisors can follow to improve their education and industry knowledge without having to rely on outdated, generic, advice.
• Tyson points out the irony of being a financial advisor: Taking financial and retirement planning for granted and not either one for your business.
• While a business exit may feel emotional, scary, and uncomfortable, Andrea Schlapia sees an exit merely as a good business strategy, rather than a massive event.
• Tyson emphasizes the importance of understanding “what you’re exiting to, not from.”
• “If you don’t treat your succession planning like the process that it is, it can turn into this big, overwhelming and unknown process somewhere down the road,” emphasizes Kim.
• Andrea talks about the steps where she sees advisors having a hard time – and those where they succeed.
• Since “exiting” is a trigger word for many advisors, Andrea is all in favor of changing the words from exiting to “what’s next.”
• Andrea concludes by saying that failing to plan is going to equal value erosion.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Aaron Hasler on LinkedIn

Spruce Rock Capital

Andrea Schlapia

EOS

Most advisors retire three years earlier than they expect, which means your succession planning needs to be ready three years earlier, too!

Guest Jeremy Keil, author of “Retire Today,” joins Tyson Ray and Kim Cochenour to explore how to apply retirement planning wisdom to your own exit.

You’ll discover Jeremy’s five-step process, why being ready to exit early creates a more valuable business, and why you should approach succession planning similarly to how many approach retirement planning.

• Guest Jeremy Keil shares his thoughts on retirement planning and succession approaches, while Tyson Ray touches upon what he sees advisors do when going through succession.
• Jeremy touches upon two things that can help advisors get clarity on their own when they’re thinking about succession.
• On average, you retire three years earlier than you expect – that means having your retirement plan set three years earlier than you expect.
• Beginning with the end in mind is a habit Jeremy believes advisors should apply to their own succession planning.
• Tyson goes into a mismatch that often occurs when advisors start seeing the value of their practice in dollars and don’t realize that it doesn’t necessarily translate to what the cash flow of the business is generating.
• Unlike what happens with succession planning, in retirement planning, advisors and clients meet regularly – Jeremy discusses the benefits and how succession planning can embrace a similar approach.
• Jeremy illustrates his five-step process to retirement planning.
• Tyson sees a successful succession or retirement not so much as the process that defines finances but more about the approach that helps you understand who you are and what you do when you’re no longer an advisor…
• Jeremy brings the so-called retirement longevity number into the conversation and highlights that it has two points: the beginning and the end point of your retirement.
• Always be ready to exit, to sell, and to retire three years earlier than you expect.
• Worst-case scenario: you retire when you want to, and you probably created a more valuable business.
• One of the problems with advisors is that you need to be a humble individual to reach out to another advisor to get advice.
• However, many think that, since they’re an advisor, they should be able to do it all on their own…

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Keil.com

Jeremy Keil on LinkedIn

Keil Financial Partners

Mr. Retirement with Jeremy Keil (YouTube channel)

Retire Today: Create Your Retirement Master Plan in 5 Simple Steps by Jeremy Keil

LongevityIllustrator.org

Succession planning works like retirement planning: the earlier you start, the more options you have.

Kim Cochenour and Tyson Ray explore why advisors delay planning, how to reframe it as business strategy, and why you should ask, "What am I exiting toward?" instead of, "What am I exiting from?"

You’ll hear insights from guest experts Andrea Schlapia, Ted Motheral, and Dean Smith.

• Kim Cochenour kicks the episode off with an important premise: succession planning works the same way retirement planning does – the earlier you start, the more options you’re going to have.
• One of the biggest reasons advisors delay succession planning is because the whole idea of “the exit” feels overwhelming.
• Andrea Schlapia invites you to frame exit as merely a good business strategy, rather than an event that just happens.
• In her approach, Andrea wants advisors to move from an individual-led practice to a leadership team-run business.
• Tyson Ray highlights the important question of asking yourself, “What am I exiting toward?” instead of, “What am I exiting from?”
• Remember: exiting doesn’t necessarily mean severing yourself from your career. It can be as simple as exiting some of the things you don’t like to do and that are just sucking energy out, and prevents you from being your best self.
• Ted Motheral touches upon the role preparation plays when it comes to successful successions.
• The irony when it comes to succession planning, is that advisors are experts in helping their clients prepare and get their affairs in order but struggle to do that for themselves.
• Dean Smith talks about the fact that, over the next 10 years, about 40% of the industry assets are going to be transitioning hands or retiring.
• The advisors who are succeeding through and coming to the succession wave will be the ones who start building their transition long before they actually need it.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Andrea Schlapia

Ironstone

Ted Motheral on LinkedIn

Dean Smith on LinkedIn

Wealth Enhancement

Many great advisors build great books but not scalable businesses, and when it's time to exit, they don't have succession planning in place.

Vladislav “Vlad” Zherenovsky joins Tyson Ray and Kim Cochenour to share patterns from 15 successful acquisitions.

Dive in and hear more about why the industry is split, what makes firms sellable, and why you have more time than you think.

• Guest Vlad Zherenovsky kicks things off by providing a snapshot of Kraner and by highlighting what they have been intentional about when it comes to growing the practice.
• As the financial advising industry is aging, many seem to lack appropriate succession plans.
• It used to be the same at Kraner. Vlad used to be the bottleneck, whereas now he exists to support his team and the team exists to support their clients.
• Vlad notes that many great advisors build great books but not necessarily scalable businesses…
• Now, however, they’re at a position where they need to figure out what’s next but don’t have an actual plan in place.
• For Tyson, the industry seems to be split between those who have planned well and are executing on their succession plan, and those who waited until the last minute with no plan and end up trying to wrap up their entire life’s work in 6-12 months.
• Vlad lists the patterns he has seen in the 15 successful acquisitions he has been involved in.
• Clean data, repeatable processes, and client relationships that extend beyond one person are at the top of the list.
• Remember: If everything runs through you, you don’t have a business… you have a job.
• Vlad lists and unpacks what he considers the three reasons why you may want to build a succession plan.
• To his younger self, Tyson would say, “You have more time than you think, but you can’t keep putting succession planning off.”
• One key thing founders should keep in mind about succession planning is that plans evolve.
• Kim stresses that everyone in the industry knows their succession is coming someday, but they’re still focused on running their day-to-day business and trying to figure out what their plan is.
• Kim, Vlad and Tyson talk about the cost of not taking action when it comes to succession planning.
• Vlad discusses a process that has become a valuable asset for Kraner: Their internship program.
• Tyson shares an important reminder: Personal finance is personal and relationship-driven.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

Vlad Zherenovsky

Kraner

Vlad’s AdvisorHub article: The Three Levers Behind Every Advisory Deal

Vlad’s book: Secure Your Future-Extend Your Legacy

William Patterson University