For all our talk about planning—the what-ifs, the contingencies, the charts and projections—financial advisors have historically been awful at planning for the one transition we know is coming: our own. Succession. Not for our clients, but for ourselves.

You don’t need to look far to see the carnage. Firms where founders hang on too long. Talent that walks because there’s no path forward. Businesses that vanish when one person walks out the door. Advisors are great at building for clients. We’re less great at building beyond ourselves.

And I get it. I’ve worked in a family business where the previous generation wouldn’t let go. I’ve seen firms treat junior advisors like permanent benchwarmers—there to take notes, not take over. I’ve watched good people leave because no one made room for them to lead.

At Members’ Wealth, we’re building something different. We believe succession is not a document—it’s a culture. A strategy. A decision to prioritize the next phase, even before it’s urgent. That means developing people, not just plans.

The Mistake Most Firms Make

The mistake is simple: they treat succession like an event. A date on the calendar. A valuation and a payout. In reality, succession is a process. And like any meaningful process, it requires investment—especially in people.

You can’t expect a junior advisor to suddenly become “the successor” if they’ve never had real exposure to clients, strategy, or decision-making. A buy-sell agreement doesn’t create a leader. A PowerPoint training deck doesn’t create buy-in.

What Investing in the Next Generation Actually Looks Like

It means letting your team shadow client meetings. Asking them how they’d handle a situation—not just telling them what you did. Giving them time to grow—not just tasks to check off.

This summer, we welcomed Ella, a college intern, into our firm. She doesn’t fetch coffee or sit in the corner quietly taking notes. She’s in every client meeting, asks thoughtful questions, and contributes to internal discussions on planning and investment strategy. She even helped write this blog.

That’s not an accident. It’s a commitment. We want her to see what this business really looks like—not the highlight reel, but the day-to-day decisions, the challenging conversations, the real value behind the work.

Because even if Ella never becomes an advisor, she’ll carry this experience with her. And if she does? She’ll be that much more prepared to step into a leadership role—not because someone handed it to her, but because she earned it.

For Business Owners, the Lesson Is the Same

If you’re a business owner thinking about your exit, don’t start with your CPA. Start with your people. Who’s already stepping into leadership? Who understands the clients, the systems, the culture? Who would be missed if they left tomorrow?

Then ask yourself: what have you done to keep them?

Succession works best when it’s gradual. When there’s trust built over years, not weeks. When your employees aren’t just filling jobs—they’re absorbing values, taking ownership, and seeing a future for themselves.

You don’t need to hand over the keys tomorrow. But you do need to start opening doors.

Train Them Like They’ll Run It Someday—Because They Might

Whether you’re leading a firm or a family business, training your future leaders requires intention. That might mean:

• Rotating key employees through different departments.
• Bringing junior team members into ownership discussions early.
• Holding regular “open book” meetings to discuss performance metrics.
• Co-developing client strategies instead of just assigning follow-ups.

And if it’s your family that’s next in line? The same rules apply. Hold family meetings. Establish roles and expectations. Create space for questions—not just answers. At Members’ Wealth, we coach clients on this all the time: don’t just give them the business, give them the preparation to succeed.

Culture Is the Real Legacy

The truth is, your spreadsheets won’t outlive you. But your culture might.

How you treat people. How decisions get made. How mistakes are handled and successes celebrated. That’s what sticks. And if your culture revolves around one name or personality, it’s already at risk.

Our goal at Members’ Wealth isn’t just continuity—it’s elevation. We want every new advisor, every new hire, every intern—like Ella—to become better than the last. To sharpen our process, expand our perspective, and serve clients in ways we haven’t yet imagined. That’s what the next phase should look like—not just more of the same, but something even better.

Final Thoughts

If you’re a business owner, advisor, or leader thinking about your next chapter, consider this: the most valuable asset you can grow isn’t revenue—it’s readiness. Readiness in your team. Readiness in your plan. Readiness in your culture.

Succession isn’t about stepping away. It’s about stepping aside, with intention, so others can rise. And when you invest in your people like they’ll be running the show someday, you’ll be amazed how ready they become.

Let’s stop pretending succession is a paperwork issue. It’s a leadership one. And the time to start is before you think you need to.

If you're thinking about your next phase—whether as a business owner, advisor, or family leader—I’d love to talk. I’ve lived through the “don’t let go” version of succession. I’m much more interested in building something that lasts. Let's build that RITE foundation—Risk, Investments, Tax, and Estate—so your leadership, and your values, live on long after you’ve moved on.

The strategies described above are complex legal structures that must be tailored to each family’s circumstances. Always consult with your own estate planning attorney and tax advisor before implementing any trust, gifting, or insurance strategy. Members’ Wealth does not draft legal documents and works alongside your legal counsel to support and coordinate your estate planning efforts.

These examples are for illustrative purposes only and do not represent actual client experiences. Individual results will vary based on personal financial circumstances and tax laws.

About the Author – Stu Caplan, CFP®

Stu Caplan is Senior Wealth Strategist at Members’ Wealth, a boutique wealth management firm that offers a comprehensive approach to serving individuals, families, business owners, and institutions.

The firm’s goal is to preserve and grow its clients’ wealth to endure over time, while thoughtfully evolving its strategy to suit an ever-changing world. With over 20 years of industry experience, Stu and the Members' Wealth team thrive on bringing clarity and confidence to clients' unique situations.

Stu received his MBA from The Robert H. Smith School of Business at the University of Maryland and his bachelor’s degree from the Eller College of Management at the University of Arizona. Stu resides in Bucks County, PA with his wife and two sons. He’s an avid golfer and is thrilled that his boys have embraced the game. He also volunteers his time as a board member of the PKD Foundation and Abrams Hebrew Academy.

To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453. 

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