Succession Planning: Networks

Selling your financial planning practice to one of the networks is a succession option many planners think about. Like other options it calls for plenty of forward planning.

People like Mark Wooster, General Manager Operations and Research at New Zealand Financial Planning, says an adviser needs to be talking to a network at least five years before he or she is looking to retire.

"Buying someone out is quite difficult because of the differences in the way people operate," he says.

"But certainly the best thing for people who are looking at succession planning is to get involved with a group like New Zealand Financial Planning and get their client base across to the group's programme."