Succession Planning: Empowering the Next Generation of Financial Advisors

A Woman's Clarity Podcast

Succession Planning: Empowering the Next Generation of Financial Advisors

In This Episode

About the episode:

Most financial advisory firm owners plan on an internal succession, but many fail to incorporate any documentation or formal plan early on, which can affect their overall firm value and ease of operations.

In this episode of “A Woman’s Clarity,” Kirsten Schlumbohm, Vice President of Annuity Sales at C2P, discusses the importance of succession planning especially for G2 (next-generation owners) and G3 (third-generation successors) with Kathryn “Kem” Taylor, a consultant at FP Transitions.

Highlighting a passion for empowering young professionals in the financial services industry, this episode covers:

  • The value the successor team brings in the short and long term to a firm
  • The need for flexible work environments and the role of culture in retaining talent.
  • The importance of creating a clear career path and path to partnership for G2 and G3 advisors.
  • Methods to attract and retain diverse talent, discussing internships, outreach programs, and the importance of word-of-mouth referrals.

Tune in for valuable insights into the world of succession planning, the evolving landscape of the financial services industry, and strategies for attracting, retaining, and empowering the next generation of advisors.



Succession Planning: Empowering the Next Generation of Financial Advisors

About the guest:

With decades of experience in the financial service industry, Kathyrn “Kem” Taylor is best known as the chief consultant for FP Transitions Succession Planning Support clients. Although she originally earned her degree in art history from the University of Massachusetts Amherst, Kem’s trajectory shifted when she joined an RIA firm, where she orchestrated a triumphant succession plan for an ailing advisor, ensuring the firm’s seamless continuity upon his passing. This transformative experience ignited Kem’s fervor for succession planning.

Bolstering her expertise with Series 7, 24, and 66 securities licenses and the esteemed title of Certified Business Exit Consultant™, Kem honed her craft in the world of RIAs. Her tenure at LPL Financial, particularly at the helm of the transitions team, further proved her proficiency in assisting independent advisors in establishing their ventures. Finding her niche at FP Transitions, Kem aligned her passion and skills with the organization’s values, becoming an integral part of the Enterprise Consulting team, where she helps clients of all ages with succession planning strategies.

Beyond her professional life, Kem is passionate about community engagement and mentorship, volunteering at the non-profit entity Global Citizens Circle, The Center for Wealth and Legacy’s annual events, and within the Mentorship Committee of the San Diego Chapter of the Financial Planning Association.