Succession planning guide for advisers launched

A guide to succession planning has been published by the Association of IFAs (AIFA) and the Association of Mortgage Intermediaries (AMI).

The guide, which has been produced in conjunction with solicitors Bond Pearce, gives help to firms and individuals who may be retiring from financial services or selling their authorised businesses.

AIFA says the guide is being launched as part of a wider campaign to address issues faced by retired and retiring IFAs.

Topics covered in the publication include:

• ongoing liability for IFAs,
• the need for professional indemnity insurance for retired advisers,
• protecting personal assets from liabilities,
• ownership of clients,
• maximising business value,
• the benefits of providing consultancy support following succession.

“We receive lots of queries about succession planning,” says Fay Goddard, deputy director general of AIFA.

“The process of exiting a regulated industry is quite complex especially for sole traders and partnerships.

“It is essential that firms and individuals seek correct advice when considering de-authorisation, not only to protect themselves and their assets but to ensure they are fully aware of any potential pitfalls.”

Bond Pearce says the guide should ensure financial intermediaries are better informed about the issues involved in succession and liability can continue long after a business has been sold.

Members of AIFA or AMI should visit their respective website to access the full publication.

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John Bakie
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e-mail: John.Bakie@incisivemedia.com