#FA Success Ep 274: Succession Planning Vs Continuity Planning In A Seller’s Market, With Maria King

#FA Success Ep 274: Succession Planning Vs Continuity Planning In A Seller’s Market, With Maria King

Welcome back to the 274th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Maria King. Maria is the co-founder of Transcend PM, a practice management consulting and coaching firm based in Concord, Massachusetts.

What’s unique about Maria, though, is how she not only helps advisors with hiring and compensation plans for next-generation advisors but goes even deeper into constructing legacy plans for advisors to outline not only a plan for succession, but to detail how their firms and clients should be handled if something happens to them along the way.

In this episode, we talk in-depth about how Maria helps advisors focus on their firm’s values from business culture and client experience, to investment philosophy and business strategy, to ensure they choose a well-aligned successor to purchase the business; how Maria utilizes four pillars of consulting, coaching, human resources design and development, and internal firm growth programs to create bespoke legacy plans for advisory firms; and how Maria helps advisors understand why it is important to recognize that their business succession decisions have such a ripple effect that impacts family, staff, colleagues, and clients.

We also talk about how Maria was drawn to working with advisors on succession planning issues after seeing first-hand that only about a third of advisors had a succession or continuity plan in place (not necessarily as a result of lack of planning, per se, but because of how connected succession is to the psychological hurdle of facing our own mortality), how Maria helps advisors distinguish between being in the business for themselves as opposed to just by themselves, and how, with the help of advisor friends, and her entrepreneurial husband and his complementary skills, Maria gained the confidence to start her own consulting business after working nearly 20 years for a large broker-dealer.

And be certain to listen to the end, where Maria shares how after leaving her former career, she entered a period of self-reflection to decide what was next and realized she still had the drive to continue to share her knowledge and expertise, why Maria believes it is so important to have self-awareness when mapping out the bigger picture in building an advisory career, and why Maria views work-life balance as truly a balance to be crafted, rather than as a binary concept where you’re just ‘working’ or not.

So whether you’re interested in learning about how Maria helps advisory firms establish and implement succession and continuity plans, why Maria concentrates on aligning values over a firm’s potential purchase price, or how, after decades in one career, Maria found faith in herself to start a new career path helping others, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Maria King.

Read More…


Leave a Reply

Your email address will not be published.