The way you transition your business to a successor is important to your clients. Here’s what to consider and how to do it right.
Change can be uncomfortable, especially for your clients who have trusted you with their money and lives for years. But as much as you would like to be there for them forever, you should be allowed to one day enjoy retirement, too. When you do decide to exit, you will, of course, want to make sure the people you’ve helped will get as much care and attention from their next advisor.
Ensuring your clients are taken care of after a sale doesn’t just happen. It takes a lot of preparation before handing your business off to someone else. Here are five strategies that will help to keep your clients confidently on board before and after the sale.
#1 Codify the customer experience:
Formalizing the procedures that keep your clients happy not only makes it easier for your successor to deliver the same level of service and experience they’ve come to expect, but it can also increase the value of your business.
That means detailing everything – from how often you review portfolios to who calls clients when markets get bumpy.
By documenting your processes, you’ll create continuity for your clients and lay down a foundation that your successor can build on.
“You’re not replaceable, but what can be replaced is a consistent, world-class wealth management experience. Having the right policies and processes in place helps make that happen.”
- John Novachis, EVP, Advisor Growth & Succession, IPC
Tip: IPC’s Advisor Succession Planning Survey found that 63% of advisors prefer using a standard succession template over a fully customized plan, underscoring the value of proven, repeatable approaches.
#2 Start the conversation long before the sale
One of the more difficult aspects of selling an advisory business is letting go of the emotional connection you’ve forged with your clients. In fact, those relationships may prevent advisors from exiting. The IPC survey found that more than a third of Boomer advisors delay succession planning because “they’re sad about losing connections with clients.” Another 35% are afraid of talking about succession because they don’t want to raise concerns.
Of course, people understand their advisor may one day want to retire – they just want to know the plan. The survey found that 91% of Canadians who work with a financial professional say it’s important for their advisor to have a clear succession plan in place as they approach retirement. That’s why advisors must be open with their clients. “If you’re an advisor and you’re not having that kind of conversation with a client, that’s not a very loyal relationship,” says Novachis.
Tip: Ideally, succession conversations should begin a year or two before you sell your business to give people time to digest the news at a comfortable pace. One way to do this is broaching the subject after regular portfolio reviews. By normalizing the subject long before you sell, you can frame succession as a thoughtful, client-first process rather than a sudden handoff. “You have to be clear with your clients and give them comfort that they’re going to be in good hands when you’re gone,” Novachis notes.
#3 Keep the people your clients trust
The survey also found that most advisors consider client and staff continuity more important than maximizing their pay out from a potential sale. That’s not surprising when you consider it’s your staff who make clients feel comfortable and cared for when they book an appointment or arrive at your office for financial advice. Remove the people who make your business tick, and you risk giving your customers a reason to move on.
Tip: “We talk a lot about client continuity,” Novachis says. “Well, the way you keep clients is by keeping your staff in place. Any serious proposal should include details on how they intend to deal with those people. Do they intend to fire them or keep them on? That needs to be clear.”
#4 Stage a handoff and stay visible
Nearly half of advisors who say they have a succession plan in place expect to stay involved after selling some or all of their book. You might want to do the same – your presence will serve as the bridge that carries client trust from one advisor to the next.
“You want the selling advisor and the successor advisor to come together and have meaningful conversations with clients,” Novachis says.
“Eventually, the phone calls and emails will start to move away from the departing advisor and toward their successor. You’ll know the transition is complete when they stop calling you and start calling them.”
Tip: Start the transition process by introducing your successor as part of the team, and act as a guide while the relationship forms. Keep the spotlight where it belongs – on discovery meetings and planned updates that let the new advisor earn credibility – and stay present just long enough for clients to shift their day-to-day contact to the new advisor on their own.
#5 Let the new advisor earn trust
Trust isn’t given; it’s built up slowly over time. A successor shouldn’t come in and start changing your clients’ investments right away.
“If I were selling my business and my successor started doing that, it would make me look bad,” says Novachis. “They need to get to know each other first and build that relationship. Really good advisors talk less and listen more.”
Tip: Find a buyer who will try to understand your clients before tinkering with their portfolios. Clarify their approach to working with your clients, and be clear about your own expectations for every step of the transition.
Succession isn’t just about continuity – it’s about preserving the legacy you’ve built and ensuring that your clients keep thriving.
Download our Succession Planning Guidebook or reach out to learn more.
* All statistics from the 2025 IPC Advisor Succession Planning Survey. Survey methodology: 361 English- and French-speaking advisors from across Canada were sent an email invitation to complete an online survey. Each email contained a link to the survey, which was hosted on a secure website managed by Environics. *Conducted for IPC by Environics Research Group and Pollara Strategic Insights, 2025.
