A study by Investment Planning Counsel (IPC) and Environics Research found that while two-thirds of financial advisors recognize the need for succession planning, only 11% have a formalized plan. Most advisors lack a clear strategy, with 90% seeking dealer support to simplify the process. IPC Executive Vice President John Novachis emphasized the risks of inadequate planning, such as business disruptions and retirement uncertainty. To help advisors, IPC offers tailored succession solutions, including grooming successors, selling to peers, or partnering with IPC.
The study also revealed that advisors continue to prioritize business growth over succession planning, especially post-COVID-19. While 83% focus on growth, 85% seek dealer support, and 96% value technology and operational assistance. IPC provides advisors with coaching, portfolio solutions, branding support, and technology to enhance business efficiency. Conducted by Environics Research, the study surveyed 358 independent financial advisors across Canada.
