What happens when an advisor spends their whole career focused on short-term gains and never plans for succession? Could you be making the same mistake without even realizing it?
Tyson Ray shares a personal story that reveals the hidden risks of reactive decision-making and why thoughtful succession planning is critical not just for your exit but for your legacy.
- This episode of Total Succession Show features co-host Tyson Ray sharing a story that’s both personal and a cautionary tale for any advisor listening.
- The story revolves around a practice Tyson ended up acquiring and the advisor who built it, Mel.
- The pitfalls, short-term thinking, many reactive decisions, and a lot of using the most recent past to try and guide clients into the future are some of the challenges that arose.
- Tyson traces back his work and acquisition efforts from the 2000s all the way to when the interaction with Mel occurred: mid-’90s.
- Tyson goes over the cascading effect of Mel’s way of doing business, all the way to his resignation (and beyond).
- Some advisors are so busy making a lot of money upfront that they end up sacrificing doing the right thing for the future of the value of the business.
- Tyson feels as if Mel missed the bigger picture and that with his “modus operandi,” he ended up being “penny wise and pound foolish.”
- Kim and Tyson go over what advisors should prepare for if they’re within 5-10 years of wanting to make an exit.
- “If you’re not willing to create the space to see, to prepare, to take action, to commit to other things, you’re going to have an exit you have no control over,” says Tyson.
- Kim and Tyson’s conversation addresses advisors who are “dealing with a Mel” or that are “feeling a little like Mel,” as well as how to use the SPACE acronym for themselves in forward action.
- For Tyson, the whole point of one’s career is to avoid future regrets.
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Your World Impact as a Financial Advisor by Tyson Ray
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