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The Advisor Delta™ is your essential guide to mastering the wealth management industry. Hosted by Worldsource Wealth Management, this podcast delivers expert advice, actionable insights, and innovative strategies to grow and elevate your practice.
Join industry leaders for interviews, thought-provoking roundtables, and quick-fire 'Ask Me Anything' Q&A sessions, as we cover everything from emerging trends to leadership development. The Advisor Delta™ is more than just a podcast—it's a partner in your success. We aim to provide high-value industry insights while building a community of like-minded professionals who can learn from each other’s’ experiences.
Start listening today and unlock the tools, strategies, and inspiration you need to elevate your wealth practice with The Advisor Delta™. For more episodes and insights, don’t forget to subscribe and visit us at www.worldsourcewealth.com. And remember, together, we can take your practice to the NextLevel™.
Narrator: Welcome to The Advisor Delta™, the practice management podcast dedicated to helping investment advisors grow their business and reach their goals. Whether you’re looking to scale your practice, streamline operations, adapt to emerging technology, or deliver value to clients - this is the place for actionable insights, thoughtful leadership and innovative strategies. Brought to you by Worldsource Wealth Management. Let’s dive in!
Kristen: Welcome back to another exciting conversation with the advisor Delta. I'm your host, Kristen McElhone, National Vice President Partnerships and Advisor Experience at Worldsource Wealth Management. While many advisors are prioritizing business growth, there's a growing urgency to address their own retirement and succession strategies.
Kristen: Last episode, we talked about succession planning in a family owned practice from one family member to another. If you haven't already listened to that episode, please do check it out. But in this episode, we're going to explore what succession planning looks like when you work with a peer as your successor.
Choosing a peer advisor within the same dealer has many benefits that could lead to a smoother transition for you and for your clients. They'll have the same knowledge of the systems, policies, and procedures that you do and can provide continued support for your clients during that transition. And perhaps most importantly, your clients have the added confidence of continuity with brand names that they're familiar with and that they trust.
So join me as we unpack this type of transition. Two Worldsource Financial Management advisors who've successfully navigated this process firsthand. Rob Andrus, Senior Wealth Advisor at Family Wealth Concepts and Matthew Cole, Certified Financial Planner at North Star Wealth Management.
Welcome to the podcast, Rob and Matt.
Rob: Thank you for having us. It's good to be here.
Matt: Yeah, thanks Kristen.
Kristen: So identifying the right successor in your business is critical, but it can also be challenging for an advisor to find a successor and often advisors don't know where to look for one. How did the two of you first meet?
Rob: We were invited to join a study group that Worldsource hosted. There were nine advisors from across Canada, uh, mostly from British Columbia, and it was a study group that lasted for several months, and we met on a regular basis through Zoom calls. And over that time we've had a chance to get to know each other better and learn a little bit more about our practices.
Rob: And I think that we found, uh, some similarities along that journey.
Kristen: So what were your first impressions of each other when you met?
Matt: Well, it helped that we were, uh, geographically pretty close to each other. We found synergies with our values, with, uh, practice management strategies and also how we plan to grow our practices.
Kristen: Can you tell me a little bit about the study group and how it's helped your practice and helped you connect with other advisors?
Matt: A lot of it was about sharing stories that really made a difference for me. And having a group support to, you know, share those stories, to talk about different planning concepts, different business management ideas using different types of tech and how to integrate it into your business.
Rob: Yeah, I think there was certainly a very high caliber of advisors that were drawn to the study group and it was really nice to see just such a broad selection, you know, some younger advisors. Some that were more experienced and worked in a larger team environment. And so for me personally, I wanted to learn about some of the new technology.
Rob: I think I had a shortfall in my practice with my CRM. I'd used many models before, but that's what I really got out of that study group was just the software that many advisors were using and also how they were using it.
Kristen: I think that's fantastic. It's such a great opportunity to meet advisors from across the country and hear how they're working in their practices, especially as those practices differ.
Kristen: Is it something you'd suggest other advisors take a look at forming these study groups or taking part in them, at their firms?
Matt: Definitely. Either formally through the groups that are set up with Worldsource or informally as you meet at different events like the conference.
Rob: Yeah, I would just add that, you know,
I think we're both thankful to Worldsource for giving us that opportunity.
And you know, if it wasn't for that study group, we would never have met. And I'd encourage other advisors to, you know, especially if you're looking to go down this path of continuity or succession, that you know, the best way to meet advisors is probably through your own dealership.
Kristen: So going back to this idea of continuity and succession planning, Rob, were you actively looking for a successor when you first met Matt in the study group?
Rob: I wasn't actively looking, but I also realized that it was a very important part of my own planning. During COVID, I realized that I focused on some of my own personal planning and one of the areas that was missing was my business. So having someone to meet, you know, during this study group was, um, was just really important.
Kristen: So when somebody is looking for a successor, they often consider the technical qualifications, the skills, and the attributes needed for the role. Education can come through courses and designations, but I feel that the passion, the integrity, professionalism, and client centricity that's so important to a practice isn't something you can teach.
Kristen: Rob, as you started to think about what could be next for your practice, what were you looking for, uh, that you perhaps saw in Matt as you started contemplating this?
Rob: The most important thing is obviously the age difference matched 10 years younger than I am. And so, you know, if you're looking at succession or continuity, obviously you have to find someone that's younger.
Mm-hmm. And there was just a natural compatibility between us, similar practices, you know, similar a UM, similar philosophy. I think we're both extremely focused on how we service our clients. You know, continuing to work together down this path is really the goal that, that we're on.
Kristen: And Matt, for you, I mean, it's just as important for the person who may potentially take over a practice in the future that it's a good fit.
Rob: What was it about Rob that compelled you to move forward in discussions?
Matt: Well, we all find, or, uh, it's hard to find people that you really click with, especially as, as fellow advisors. And then to take it to the next level of choosing them for your continuity agreement. Like what really stood out to me was Rob's, I mean, even the name of his business.
Matt: Family Wealth concepts, really family focused. That client first philosophy, really sharing those values. Very similar goals as Rob said. Those were the things that really stood out to me that I, I had a, a business plan to, ideally in the future, partner with a senior advisor as they, you know, whatever that looks like.
Matt: Exit plan to exit the business, but also bring in junior advisors. That will be the future of my practice and our practice. I think that's a big
Rob: part of what we're trying to build is the industry is changing so much and we realize that there's not a lot of younger advisors coming into the business just with the changing model of compensation.
Rob: And you know, there's so many different factors and if you're taking over, you know, one new client a month, you do that over eight years and you finally reach the point where you're able to sustain a living and, and keep going.
So it's not easy. So Matt and I have both agreed that we want to be focused on, you know, building together, but also recruiting younger advisors and to bring them up.
Kristen: That's fantastic. I mean, when you think about, you know, 20, maybe even longer years ago, how somebody got into the business. I mean, people opened a phone book and started dialing or started emailing.
Kristen: Can't actually do that. You can't email them. You know, it's so hard to get in. So a lot joining a practice and have someone mentor them, I love that you're sort of looking at those three stages of that through what you're contemplating.
I think when you look at Canada, the aging demographic, the aging demographic of advisors.And what our country looks like now. We need so many new advisors, but they need a way to get in. So it's through people like you that I think are how they're gonna get there. I know from my experience, there are a lot of young people coming through university and college programs who want to get into this, but they don't know how They end up oftentimes in big firms, and before they get to the point of being able to provide advice, they've been lured off somewhere else because.
It's gonna take a long time getting there, but if you can join a practice, I mean, you are gonna be starting as a new, very junior person, but you can see what the end game is from the beginning and be mentored from someone doing it. So I think it's so fantastic what you're doing. It's really exciting. We actually,
Rob: we have someone in mind who is, um, currently at.
At a major bank and is amazing is going to be joining us. Um, and we'll be fully licensed. And so I think that'll be, you know, just a tremendous advantage for both Matt and I to have someone that we can call on to help us out. And gradually over time we will pass on clients and allow him to build up his confidence and ability to take on his own accounts.
Kristen: That's fantastic. So as you think about that young person coming in, how are you gonna get them started? What are, what are some of the things you're gonna turn over to them as they join your practice?
Rob: They have a lot to learn coming from the bank, right? It's a different philosophy and mentality and you know, obviously the banks have their own systems, so obviously we have to get this individual up and running, learning our CRM platform.
Introducing him to our clients and, uh, and it'll come over time, right? It's an evolving process and we'll, hopefully it'll, it'll work out for him as well. Being an independent advisor is not the same as, yeah, being on a salary at a bank, so it'll be a learning process for all of us.
Matt: One of the best parts about that process was when Rob included me in the interview for this new prospective advisor.
Really gave us a chance, uh, over a meal to ask questions about their values, what they find are important, their experience altogether very unique and different from our experience and our background. But a lot of those values, that client first approach, going the extra mile for clients, all of those things really shine through, uh, that interview.
Kristen: You mentioned it earlier on about the importance of similar book composition, similar investment philosophy. So I think, you know, you had that with the two of you as you started talking, but now you get the chance to bring someone in and have time to determine if this is a fit. Is this someone who eventually could take over for one of you?
Kristen: So I think it's fantastic to get that time. Matt, I think you know, you had shared with me previously that you had an experience where you sort of very quickly had to take over a practice, and that's not necessarily as ideal as spending time and getting to know each other. Can you share a little bit about that experience with us?
Matt: 2018 bought a practice from another advisor that was with the same dealership. It was really completely different from what we've talked about so far. We spent about seven months getting to know each other, talking through what succession would look like, what a business or a, a book transaction would look like.
Matt: And actually it really started with them thinking about retiring. I mean, they were mid seventies at the time they were thinking about retiring. Not sure what it looked like. But in their words, they, they hadn't really found a good suitor for taking care of their clients. And again, they were really client focused.
Matt: They worked from home. It was, it was a really unique experience. But over that time of about seven months, we kept on meeting together. We agreed to just meet the next time and talk and tackle another part of the succession. It went from them keeping their higher net worth clients and me taking over. You know, the bottom half.
And over time, because of that process we were going through, they just decided they thought it was a great fit and they just wanted out. And it was, uh, uh, a sale of the entire business. And we didn't do any joint meetings. It went right to like, they stopped. I started, and it's been one of the, you know, biggest pieces of my success over the years with all those new clients coming in the, I mean, thankful to my team as well, that just.
Service model. We kept 96% of the clients and probably about 90% of the assets. A lot of that came from, even though we didn't do any joint meetings, the previous advisors talked for months. Uh, as Rob has talked for months with their clients about this new person that was coming in, why they're retiring, you know, what they like.
Liked about me and you know, what I offer. Uh, one thing was being a financial planner, which were, they didn't have that designation, so that, that helped and it really led to some great retention. And then since then, some fantastic referrals and.
Kristen: That's such a fantastic success story and you know, it is hard.
Kristen: I think a lot of times we think you have to have those joint meetings and I think that is probably the best practice. But them having spoken on your behalf and said how much they respected you and thought this was gonna be a good fit, I think that's so key. This person has a trusted relationship with their advisor and finds out they're not gonna be their advisor anymore.
Kristen: It's often a pivotal point where someone's like, well, my neighbor or my friend said I could, should go here. But if they've provided that recommendation, that's really powerful. They've a long way.
Matt: Yeah, for sure. When they've already done the vetting process. Just like when somebody gets referred to us. If that, you know, client of ours has already mis dealt with us for many years, they're gonna become clients.
Like that conversion rate, I know with Rob is quite high. It's when you get a referral, it's pretty straightforward process for sure.
Rob: And clients worry about that too. You know, clients worry about what would happen if their advisor left the business.
Mm-hmm. And I think that probably the, one of the most important things an advisor can do in this transition process is to talk to their clients in advance. Right? Exactly. They, if they're gonna get a surprise call one day from someone that they don't know, they've never heard of, no one's ever talked about them, you know, they're going to maybe be on trusting of.
Rob: Of that person. Mm-hmm. But if I've already laid the groundwork and spoken to my clients and said, you know, if you get a call one day, it could be, I'm not here anymore through death or disability or whatever. Yeah. Um, you know, I've already gone through the process of vetting, you know, uh, quite a few advisors and, and I feel that Matt's someone that you can trust and, and I think that.
Rob: You know, the retention rate in under that scenario is, is huge.
Kristen: Yeah, for sure. I mean, you spend so much time talking to your clients about their plans and, you know, their retirement, their business succession, they're logically gonna have that same question for you. Well, what, what are you planning to do?
Kristen: What happens when you, they certainly should retire. Yeah, they
Matt: certainly should have that.
Kristen: No, I think it's fantastic that you're having those conversations and have these plans in place, and unfortunately, the, the stats are low, right?
Rob: Mm-hmm. In terms of how many advisors, I don't know what the. You know, the, the, the latest stats are on what percentage of advisors, you know, actually have a formal plan in place, but it's not high enough.
Kristen: Yeah. And I think we, we kind of think, well, you know, as you approach a retirement age, whether that's 60, 65, whatever that may be, you need to have that in place. But that's not the case. Things happen at very young ages sometimes, and you don't expect it. So I think it's amazing that you are both, you know, while still so young, thinking about what, what that will be.
So as you started talking, were there ever any hesitancies or big questions that came up in early conversations to make sure that, that it was a fit?
Rob: I think it's natural to have reservations. I mean, this is a very big decision for not just your clients. Mm-hmm. Which are obviously so important, but also for your own family.
Rob: I think that for me. A reservation that I had, or I was hesitant around the fact of losing my brand that I had.
Kristen: Mm-hmm.
Rob: You know, spent so many years building and I still have my brand, but I think I came to the realization that if this was to work out and be successful, the likelihood of Matt becoming not just a contingent.
Partner, but being part of my succession plan, that it was more important for me to take on his brand. And so that's something that, you know, we're working down that path and, you know, eventually I may, you know, give up my company name and, and, and take on his brand. And, and together we will build that bigger.
Kristen: That's amazing. I love this idea of teaming while you, while you work towards, uh, succession in the future.
Matt: Well, and we're figuring it out along the way, right? Like something might change that forces us down one path or another, but we're figuring it out as we go. We're talking to the resources at, at Worldsource, but also in the industry.
Mm-hmm. Uh, there's, there's a number of different resources out there including, you know, our accountants and lawyers that can help steer us from the many different perspectives and, uh. One of my biggest concerns was just that, uh, you know, Rob in this case didn't feel pushed out, didn't feel like anything was in any way unfair.
Matt: Mm-hmm. Like you really, um, that's one thing I appreciate about, appreciate about him is that we're always trying to find common ground and thinking about what's in the other person's best interest and the other person's client's best interests. Like, how is it gonna Yeah. Come across to clients? Yes. What does it mean for our family?
Matt: What is the best thing to do and hopefully you can't make everything work or make everybody happy. But
Rob: yeah, I think CRM was a big part. You know, I realized very quickly that if we diff, if we had different platforms for how we were. Keeping track of our clients, that just wouldn't work. Mm-hmm. And so we've now both talked about using one platform and we're, we're setting up the same fields, you know, the same segmentation.
Rob: And if something were to happen, it will be very easy, just flick a switch and the next day, you know, you import that new client base. Mm-hmm. And everything continues.
Kristen: That's amazing. So, beyond the technology, I mean, you've, you've spent a lot of time talking about your practices and learning about your businesses.
Kristen: What else have you learned from each other that helps your personal practice as you've gone through this?
Rob: Matt being younger, I think he's better at technology than I'm, so he's been helping me to sort of, you know, open my eyes and Yeah. And look at other things out there. I mean, just using chat GPT as an example, I mean, I think everybody's using it these days, but, you know, learning how to use it.
Rob: Mm-hmm. Most people know about it, but it's really learning how to use it and, and Matt's been very helpful to me in terms of, you know, just learning how to use new technologies.
Kristen: You don't ever take his phone from him though. Right. And like my kids do to me kids, but that's wrong. My kids do
Matt: that to me as well.
Matt: Okay, good.
Kristen: I'm glad we're all on the same plate there. The
Matt: TV remote, whatever it is, they just take it away.
Kristen: For sure. For sure. That's too funny. So have your teams met? How has that gone if you've started to make some of those introductions?
Rob: Well, I lost my assistant this past year. Oh. So when I think, when I think of a team, I think of, you know, me and my assistant, unfortunately, she'd been with me for eight years and, and it was a great relationship.
Rob: She decided to retire earlier,
Kristen: okay.
Rob: Than expected. So. My team will be this new assistant that's coming on board.
Kristen: Fantastic.
Rob: Um, but I also think of a team as sort of that extended team of your family.
Kristen: Mm-hmm.
Rob: And that's one of the reasons why, as Matt said earlier, I thought it was important that our wives meet.
Kristen: Yeah.
Rob: And, uh, you know, we've done that a few times. We're gonna be going to the, the national conference this weekend in Montreal, together with two other advisors, and then we're off to Banff next month for a conference and our wives are gonna be going to that as well. So, you know. When I think of a team, I think it's really important to have
Matt: spouses on board.
Matt: I I come into this, uh, arrangement and partnership with, uh, an established great team, two full-time assistants, and actually a co-op student that has been with us for a little over a year that has just finishing her degree and planning on coming back full-time, getting her licensing and. So we've kind of got almost four generations between the other associate that, uh, Rob mentioned and then, and then ourselves that we've got quite a good, you know, demographic covered.
Matt: And that's got a great office in
Rob: Fergus too as well. There's, you know, lots of space, lots, lots of offices. So I, you know, I think there would be room for us to grow as well.
Kristen: That's fantastic. I love your talk about the co-op student. Maybe because I did co-op oh, so many years ago. How did that come into being?
Matt: That, um, was nothing to do with me. Uh, she is, uh, is, is a go-getter and, uh, sought us out. Actually sent out over 300 applications Wow. To just on her own. She wanted to get into financial services. She had a genuine interest in it. She didn't like the, the bank channel, wanted more of the independent advice and really knew nothing about it.
Matt: She sought us out. We did an interview. We hired her. I mean, there's lots of tax incentives and grants for co-op students, which helps on the business side. Mm-hmm. But then she stayed part-time through her one semester, came back full-time for her. There was two co-op blocks together. So eight months.
Mm-hmm. And is now working part-time through her next eight months of school, her last eight months of school. Yeah, she really sought it out. And to your point, you asked about what you'd have an associate do, uh, when they started and how you'd kind of bring 'em into the mix. What we did was, um, uh, she helped us with everything from moving more paperless.
Matt: To my KYP doing analytics on funds and building model portfolios. So actually the model portfolios that we offer, that we use right now, were a lot of, from her hard work, but she also is learning the admin side so she can be kind of a rover. I I see that her in a position of learning all the different pieces of the business.
Matt: Because when we started on our own, that's what we had to do. Wear all those different hats.
Kristen: Yeah.
Matt: And get to know all those pieces so she can support the business, but she wants to focus more on clients planning. She loves the analytics way better at tech than I am. Yeah. So it's been a great, uh, success story.
Matt: I
Kristen: think that's just so fantastic. I love to hear that. So as you sort of look back on, you know, from meeting in a study group and your discussions to today, what would something outta that experience be? What would a piece of advice be that you would give to someone from sort of both seats looking at a potential successor and continuity and looking for someone to partner with?
Kristen: What kind of advice would you give them?
Matt: You're never gonna meet someone or the right successor if you don't put yourself out there. Go to events, take part in, in initiatives like this, it was a great way to, yeah, find like-minded individuals. You're not gonna click with everybody. But I mean, from that first call, there's Rob that we've continued on and obviously fostered this relationship, but then another advisor in Eastern Canada that has become a very close colleague of mine.
Message each other regularly, talk about different strategies or client situations regularly. It's been fantastic. And it wouldn't have happened without just joining that and taking a go. And I would say, you know, don't delay.
Rob: Be, be patient. You know, it's, it's almost like a bit of a dating process and
Kristen: mm-hmm.
Rob: You have to get out and you have to meet people. The process isn't hard, it's just takes time. And I think you have to be committed to that, to that process. And also you could tap into the resources at head office. You know, Matt and I have both done that and we've had some help along the way.
Kristen: Matt, and how about you?
Kristen: What's the biggest lesson you've learned from these succession journeys?
Matt: Probably one of the biggest things is that, is to not take it for granted. That when you find somebody you're aligned with to like, you know, not, not let. Pride in like you really need to try trusting people comes on the heels. I mean, I mentioned earlier about that success story in 2018 and it really couldn't have gone better built, uh, such a great rapport with those, uh, with that advisor and his wife who worked together.
But that came on the heels of a partnership that didn't succeed, where the senior advisor actually backed out of the agreement that we had. We had been partnered for three years. We, uh, um, I had moved over from Investors Group where I started originally through that experience, I, I took on a number of clients as advisors retired, and, you know, that's the model there.
Matt: And, and while it was just, uh, a godsend switching over and joining this advisor to be a part of their succession plan on the independent side, it got me reestablished in the independent world. But then ultimately they backed out of our agreement, and, uh, that's what actually fostered me reaching out to the individual that I en en ended up buying the business from.
Kristen: Yeah, that must have been very disappointing, but I'm glad it, it ended up resulting in something very positive. It was a
Matt: very, very stressful time that took a leap of faith to, uh, decide. That I don't want to be partnered with that individual anymore because I didn't trust them and they'd lost my trust.
Matt: And it takes a long time to build up trust like that, especially when there's our whole businesses and our whole livelihood at stake. So that's one thing I definitely, uh, don't take for granted as, as we're going through this process.
Kristen: For sure. I think, you know, we talk a lot about the client advisor trust relationship, but if you're looking for someone to partner with in this kind of thing, trust is just as important.
Kristen: In the end, it worked out and you found the right partners. That's fantastic.
Matt: Yeah, I'm, I'm very thankful for having, having gone through that process, uh, and that, uh, you know, that partnership that didn't end up coming together, but, uh. It was a good, bad thing.
Rob: Yeah. I mean, the hardest part is just finding the right people to be on your team.
Rob: Mm-hmm. And I remember during COVID, I read the book Good To Great by Jim Collins. Mm-hmm. Yeah. And, uh, and it really resonated with me at the time, you know, where he talked about having the right people on the bus Yeah. And having them in the right seats mm-hmm. And having the wrong people off the bus.
Kristen: Yeah.
Rob: And, uh, for me, I, you know, he talks about, it starts with who. You know, you have to find the person and if you have the right people, you know, then you'll get through the challenges.
Kristen: Were there any surprises for either of you along the way as you got to know each other?
Rob: I think whenever you're looking at another advisor's practice in the way that they run their business, you're always gonna find, you know, subtle differences.
Rob: Mm-hmm. Surprises. Um, obviously Matt and I have a slightly different. Product shelf that we use. But you know, we both use ETFs. We're both using alternative investments. We had some similarities there, but in terms of the specific companies that we work with, there are some differences. Mm-hmm. But we've talked about going to meetings together with the same wholesaler, and obviously if we're gonna be doing that, we're gonna have to start using the same product.
Matt: One of the differences that we found was that I had got a lot further down the road and in more detail with, uh, my KYP and analytics and fund choices and, you know, building models and I mean, Rob has that. But with the help of that co-op student I mentioned earlier, we have these model portfolios already built out that has just.
Matt: Done such a, made such a difference in our system, in our efficiency, so that it's easier for what I'm gonna recommend. I've got all that research to back up why I am using, you know, this mix of funds, but also my team is on the same page. Mm-hmm. And we don't need to recreate the wheel. And in fact, if anything, I'm gonna learn more from Rob's experience and it may adjust, you know, how we structure things or what funds we use, you know, and on the other side it would be even on with insurance products and how we bring that into the discussion with clients and how we position that with clients.
Matt: How we really try to fix the problems that clients have. That's been something where we both have learned a lot between, you know, life insurance, living benefits. Whatever. It's, uh, we both have a different approach, but it's not that different that, you know, it's a deal breaker.
Rob: It's gonna evolve over time.
Right. It's, it's, you know, I think the important thing is that trust factor between us, but we certainly have this common goal. We talk about it a lot, about how can we, how we can improve, uh, service to our clients. And so if that's the common vision, you know, I think it's just natural that over time we're gonna start gravitating towards using the same products and, you know, building the same model portfolios.
Kristen: For sure. I love that you're both sort of open to, to learning from each other along this process. If you could sum up your partnership in one word, what would that word be?
Rob: Well, I would say for me it's just, it's peace of mind. It's not one word, but peace of wine mind for me, in, in knowing that, you know, after a fairly exhaustive search of trying to find someone that, you know, I just have that, that confidence that, you know, I've taken care of.
Rob: My clients and, you know, taking care of my family in the event of a a succession
Matt: for me, I'm gonna use two words 'cause he used three. Um, but for me, part of my tagline with North Star that I have on different marketing materials is personal and professional. Quite often you see one side without the other.
Matt: And that's one thing I like about Rob is that we both value that professional. Service and higher standards and, uh, you know, how we service clients, even how we deal with the, the companies and the different stakeholders we have, including our dealership, but we're also very personally oriented with. The relationship with clients.
Matt: The relationship mm-hmm. With colleagues, with staff, like it's hard to lose an assistant that's been with you for so long. I myself have been through a change in the last five years from two great assistants that I had. Mm-hmm. That both moved on to bigger and better things. Yeah. One of them's actually in the industry as an advisor now, it was a tough time to go through, but now I've again got two great assistants that really fit and are pulling in the same direction.
Kristen: Rob. Matt, thank you so much for sharing such an honest look at what continuity and succession can really look like in practice. I've loved hearing about how you are trusting and respecting each other and the differences in your practices and making sure as you go forward that you're constantly considering that.
Kristen: And I also absolutely love to hear that it's not just about the two of you. It's about your teams and about the next generation of advisors. That's amazing to hear. I think the biggest takeaway for me around this succession planning discussion isn't that it's about just passing the baton in preparation for someone's retirement.
Kristen: It's really about safeguarding the future of your clients and your team and the legacy of your practice. To our listeners, thank you for tuning in. I hope this conversation sparks ideas about what's possible when you find the right successor and invest in their success. Until next time.
Narrator: Thanks for tuning into The Advisor Delta™! We hope you found today’s episode valuable to supporting your practice. For more episodes and insights, don’t forget to subscribe and visit us at www.worldsourcewealth.com. And remember, together, we can take your practice to the NextLevel™.
The views and opinions expressed in this podcast are those of the participants only. This podcast is for informational purposes only and does not constitute financial, legal, or professional advice. Listeners are encouraged to seek professional guidance for their specific needs. Worldsource Wealth Management does not endorse any products, services, or companies mentioned in this episode.
Worldsource Financial Management Inc. is a mutual fund dealer. Worldsource Wealth Management Inc. is a dual-registered firm, both as a mutual fund dealer and an investment dealer. Both Worldsource Financial Management Inc. and Worldsource Wealth Management Inc. are members of the Canadian Investor Protection Fund (CIPF) and the Canadian Investment Regulatory Organization (CIRO) and subsidiaries of Worldsource Group of Companies Inc., a wholly owned indirect subsidiary of the Fédération des caisses Desjardins du Québec (FCDQ), which is part of the Desjardins Group.