Succession Planning Consultancy for Financial Advisors

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Succession Planning Consultancy for Financial Advisors

Inspired by a conversation on:

The Perfect RIA

The Perfect RIA

Navigating Succession Planning in Financial Advisory With Dustin Mangone [Episode 329]

Host: Matthew Jarvis

Timestamp: 00:01:47 - 00:02:12

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Feather Flow

Direct Quote

"I always recommend to those individuals, you know, start the conversation because it may be you steering the ship that gets a deal done."

Market Gap

Many financial advisors fail to plan for succession effectively.

Succession planning is often overlooked by financial advisors, particularly those nearing retirement. Many Gen 1 advisors are comfortable in their roles and may delay planning for their exit, which can result in lost opportunities for Gen 2 advisors looking to step in. This delay can lead to potential conflicts, loss of client relationships, and decreased business value. Current solutions like generic succession planning workshops often fail to address the personalized needs of individual advisors, leaving them unprepared for future transitions. With the financial advisory market evolving, there is a growing demand for specialized consultancy that can help these advisors navigate their unique situations and facilitate smoother transitions. Ignoring this issue can lead to significant financial losses and a disrupted client base.

Summary

The business idea revolves around creating a consultancy focused on succession planning for financial advisory firms. This consultancy would specialize in guiding Gen 1 advisors through the process of planning their exit strategies, while also empowering Gen 2 advisors to initiate these crucial conversations. By providing tailored advice and support, the consultancy could educate advisors on market dynamics, financing strategies, and effective deal structures. The aim would be to streamline the succession process, ensuring that both sellers and buyers understand their options and can make informed decisions about transitioning equity. The target audience would be financial advisory firms, particularly those with Gen 1 and Gen 2 advisors seeking to navigate complex succession issues. This consultancy could utilize tools like workshops, one-on-one coaching sessions, and informational resources to equip advisors with the knowledge they need to succeed.

Categorization

Business Model
Service
Target Founder
Subject Matter Expert
Difficulty
Medium
Time to Revenue
3-6 months
Initial Investment
$1,000-$10,000

Potential MRR (18-24 months)

Conservative
$2,000 - $5,000 MRR
Moderate (Most Likely)
$10,000 - $20,000 MRR
Optimistic
$30,000 - $50,000 MRR

* Estimates assume solo founder/bootstrap scenario with competent execution

Scores

Clarity
8/10
Novelty
7/10
Feasibility
8/10
Market Potential
9/10
Evidence
7/10
Overall
7.8/10
Found on October 6, 2025 • Analyzed on October 6, 2025 9:36 AM

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How should I validate this service idea before building it?

2:34 PM

Great question! For a service idea like this, I'd recommend starting with these validation steps:

  1. Customer interviews: Talk to Subject Matter Expert to understand their pain points
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