First vice-president and portfolio manager, CIBC Wood Gundy, Vancouver
I’ve been working for 23 years, so I’m actively looking — internally and externally — for a capable associate to partner with and to eventually succeed me.
To help, my firm has a dedicated succession planning team, which keeps me on track in a process that could take about 10 years. The ideal candidate must have both the credentials and personality to serve my clients — sophisticated investors who trade options and currencies and who tend to be entrepreneurial.
Investment advisor at Action Financial Group, HollisWealth, St. Thomas, Ont.
My first goal is to retire at the top of my game. That means I’m still patient and empathetic with clients and have the energy to serve them, as well as fulfil my professional obligations of continuing education.
I continually identify potential candidates, recruit and train them, and offer opportunities for them to develop further. In the final phase of my exit — about six to 10 years from now — I’ll spend time mentoring.
I look for candidates who value the model of an independent firm and value clients who seek independent advice. Further, they must be committed to lifelong education, including earning the CFP designation.
Senior vice-president and portfolio manager, private client group, Turner Investments, Raymond James, Toronto
A year ago we created a succession plan to prepare for our founding partner’s retirement, so that clients will experience no change in services. It’s a three- to five-year plan, during which he’ll gradually reduce his responsibilities while I, along with the other senior portfolio manager, will add responsibilities, such as handling more client queries.
Because the retiring partner is a tax expert and prolific writer, we’ll be hiring to meet those needs. Client communications is paramount at the firm, and includes a weekly call where clients can dial in, so a strong communicator is a must. Agree? Disagree? Have your own question or answer? Write us at firstname.lastname@example.org