Smart planning software powered by AI is transforming the advisory business. Tasks that once took hours — scenario modeling, projections, product comparisons — now take minutes. It’s not just efficiency, it’s strategic enablement. AI-driven platforms are helping firms deliver more consistent, scalable and client-ready planning experiences.

In short, the digital infrastructure is advancing rapidly. But the human infrastructure — advisor-led relationships — has not kept pace.

This growing misalignment is becoming a new dividing line in the industry. Firms that align their technology capabilities and evolve their human advice model will lead the market. Those that fail to adapt both sides may find themselves increasingly irrelevant, stuck in outdated service models, while competitors surge ahead.

From knowledge to wisdom

The concept of a wisdom era isn’t new. Thought leaders like Stan Davis and Jim Bodkin framed this as a shift from the knowledge economy — where data, information and expertise were the differentiators — to a wisdom economy, where judgment, context and human interpretation take centre stage.

AI has made knowledge a commodity. Today, anyone can access financial facts, projections and options with a few clicks. What clients increasingly seek — and what truly differentiates an advisor — is wisdom: knowing what matters, when to act, how to weigh trade-offs and how to support confident decisions.

Automated platforms have reduced cost and improved consistency. Digital systems have enhanced compliance and audit trails. Cybersecurity tools protect growing volumes of client data. And smart planning software boosts productivity and planning frequency.

But even the most sophisticated platforms are often underused. In many cases, robust, full-ecosystem planning tools are used as simplified calculators or modular needs-analysis engines — repurposed not to drive holistic advice, but to more efficiently route clients toward product sales. The tools are capable of strategic planning; the usage patterns often aren’t.

If we fail to evolve the human side of advice, we’re investing in only half the solution.

Author Geoff Colvin describes durable skills as those least likely to be replaced by automation: empathy, judgment, storytelling, deep listening and trust-building. These skills aren’t technical, they’re relational. And they’re foundational to modern advice.

Yet many newer entrants to the industry lack formal development in these areas. They’re fluent in platforms and planning tools, but less so in guiding emotional decisions or navigating nuanced client dynamics. Without intentional investment in these durable skills, firms risk building fast engines without a steering wheel.

Interpretation and clarity

Clients don’t just need data. They need interpretation and clarity. And they need it delivered in a way that matches how adults learn:

• Visually: Research shows adults retain 65% of information presented visually, compared to 30% when it’s only spoken.
• Experientially: Clients learn through dialogue, analogy and emotional resonance — not technical jargon.
• Contextually: Advice must feel relevant to life events, not abstract performance metrics.

Firms that treat the advisor role as a planner with a license miss the point. The human side of advice must evolve into something more proactive, perceptive and personal.

Advisory businesses that align technological advancement with human skill development will gain both productivity and trust. When AI handles the heavy lifting of analysis and strategy, it frees the advisor to focus on deeper relationships. This builds loyalty, improves engagement and ultimately grows revenue and retention.

But the inverse is also true: if AI accelerates planning while advisor behaviour remains transactional, clients will increasingly bypass the advisor altogether in favor of cheaper, faster alternatives.

Advisory success in the next decade won’t be determined by technology alone. It will depend on how well firms align digital innovation with human relationships. Those who get that right — who balance smart platforms with wise professionals — won’t just survive. They’ll lead.

There is an unspoken question at the heart of nearly every prospect meeting: what makes you special? For many advisors, it’s one of the hardest to answer clearly.

Some still rely on vague promises of comprehensive planning, trusted advice and putting clients first. These are table stakes, not differentiators. And in a post-pandemic, digital-first world where clients are savvier than ever, standing out requires more.

So, let’s unpack the question: Can you truly differentiate yourself in this industry? And if so, how?

According to Fidelity’s 2023 RIA Benchmarking Study, firms that clearly defined who they serve and how they help — through a documented value proposition and ideal client profile — brought in 67% more new clients and assets than firms that didn’t. Those same firms consistently outperformed their peers when it came to growth, retention, and overall performance. Turns out, clarity really does pay off.

Meanwhile, Cerulli Associates consistently reports that advisors who are most successful at client acquisition focus on distinct niches or areas of specialization, rather than trying to be all things to all people.

In other words, clients are drawn to clarity. They don’t want generalists. They want the right fit.

A perfect 10

Here are 10 strategies successful advisors use to differentiate themselves. All of them are backed by industry insight and real-world application.

1. Define a clear niche. The most effective advisors narrow in. For example:

• Women in tech pre-IPO.
• Physicians 10 years from retirement.
• Business owners preparing for exit.
• Recently divorced professionals.

A clear niche builds trust, authority and relevance — fast.

2. Tell your origin story. Clients remember narratives, not credentials. One advisor I met started in medicine, then pivoted after her father’s poor retirement planning. That story instantly built trust with health-care clients facing similar concerns. Be human, real and relatable.

3. Build a proprietary process or framework. Brand your planning process. Make it tangible. Advisors who walk clients through a named, visual framework (e.g., The Clarity Compass or The Freedom Plan) build a more memorable experience and perceived value.

4. Lean into financial life planning. Go beyond returns. Advisors who integrate values-based planning, behavioural coaching and life goals into their client conversations create deeper, stickier relationships. Look at firms like Kinder Institute of Life Planning or Money Quotient — they train advisors to have meaningful conversations that few others are having.

5. Show up where your clients already are. One advisor I worked with built a six-figure pipeline by offering monthly webinars for female lawyers through their professional association. She became the go-to resource in that community. Fish where the fish are — and speak their language.

6. Invest in the client experience. From onboarding to reviews, the best advisors obsess over client experience. Think:

• Welcome boxes with personalized notes.
• Streamlined digital planning portals.
• Proactive check-ins and unexpected touches.

Service is no longer enough. Experience is the differentiator.

7. Specialize in a complex problem. Another advisor I met only works with clients navigating cross-border tax issues. It’s a narrow niche, but incredibly sticky. Clients with complexity stay longer and refer more. What issue do you understand better than anyone else?

8. Leverage thought leadership. Whether it’s writing articles, podcasting or posting on LinkedIn — sharing your insights consistently builds credibility and visibility. You don’t need to go viral. You need to be useful and consistent.

9. Know your why, and speak it. Clients value advisors who are mission-driven, not revenue-driven. Why did you choose this profession? Why does it matter to you? Get this right and you’ll progress from selling to attracting.

10. Be authentically you. At the end of the day, the most important differentiator is authenticity. Clients can sense when you’re trying to mimic someone else’s voice, style or success formula. I’ve seen advisors burn out trying to be a version of someone else — polished, ultra-corporate or hyper-aggressive — when that’s not who they are. Your success isn’t in imitation. It’s in alignment. Know yourself. Own your voice.

It’s not what, it’s how

What you offer may not be unique. But how you deliver it can be — your process, your people and your results are what clients remember.

If you’re reading this thinking you don’t have a niche or you’re not a strong marketer, that’s OK. Start small.

Get curious about what makes you unique. Reflect on the clients you love working with most. Think about the problems you solve best. Build from there.

The most successful advisors I’ve met didn’t try to be someone they weren’t. They got clear, stayed consistent and led with authenticity.

The increasingly competitive landscape has pushed successful advisory teams to rethink their strategies, to stay relevant with clients and prospects. Alongside this, regulatory scrutiny and the push for greater transparency have intensified, leading to natural fee compression across the industry.

Forward-thinking advisors are adapting, moving toward fee-based models that align value with advice, not just product. When implemented effectively, this shift can deepen client relationships, increase satisfaction and improve retention.

Many advisors are hesitant. Moving to a fee-based model challenges the very foundation of how revenue is generated currently. Still, few would disagree that this is the direction the industry is heading.

It shouldn’t happen overnight though. Designing a fee-based, value-driven model requires an infrastructure to support it. That includes rethinking the value proposition, redefining client service models, realigning compensation and preparing the team both philosophically and technically.

The intention is clear, but success depends on a well-executed plan, internal alignment and above all, people delivering value.

Case study: A phased switch

An independent, IIROC firm with approximately $300 million in assets under management (AUM) enjoyed a strong presence in the large-case insurance segment. The firm primarily served high-net-worth clients, with average household AUM exceeding $1 million.

At a crossroads, the two founding partners — one investment-focused and the other expert in insurance and estate planning — recognized the need to evolve. While their practices differed, they aligned on a strategic objective: adopt a fee-for-service planning model to better articulate their value, increase engagement and unlock cross-selling opportunities.

Their initial concern was perceived value. With embedded fees already amounting to $8,000 –$10,000 annually on a $1 million portfolio, would clients be willing to pay an additional fee for a standalone financial plan?

They introduced the model in phases. All new clients went through a planning process with transparent fees from day one. Existing clients were transitioned gradually, beginning with those who had complex needs or were classified as top clients.

The firm also invested in refining its planning process and enhancing its deliverables to communicate the value beyond investment management.

The impact was clear. Clients were not only willing to pay for planning, but showed deeper engagement, stronger retention and greater openness to comprehensive advice.

Planning became a cornerstone of the client experience, and a competitive advantage. In essence, it was a shift towards a family office approach. The firm’s ability to clearly articulate its planning-first value proposition improved close rates and accelerated AUM growth.

Eventually, they brought on a seasoned planner to manage complex cases, allowing the partners to focus on growth and deepening client relationships. They also began resegmenting their book, letting go of less-engaged clients and leaning into relationships where planning added the most value.

The shift also unlocked larger, more complex insurance and estate planning opportunities, doubling revenue on that side of the business in one year.

Talent strategy as an enabler

This transformation wasn’t just about process; it was enabled by a deliberate and aligned talent strategy.

Here’s how:

1. Identifying skill gaps. They recognized the need for deeper technical expertise in planning and hired a dedicated planner to elevate deliverables and manage complexity.
2. Freeing up capacity. With planning off their plates, the partners focused on business development and strengthening high-value relationships, no longer working in fear of losing top clients.
3. Resegmenting the book with purpose. As the firm focused on more planning-engaged clients, roles and capabilities were structured to serve a more sophisticated client base.

Key takeaways for advisors

• Talent is strategy. Success in a value creation model depends on the people delivering the value. Hiring, training and aligning your team around this vision is essential.

• Avoiding evolution invites stagnation. Fee compression and changing client expectations require a proactive response.

• Change can be phased in. A shift to a new model doesn’t have to happen overnight. Start with new clients, then gradually transition existing ones.

Summer is the perfect time for a business health check, especially in a year like this.

The first half of 2025 brought market volatility and policy shifts. After a turbulent stretch driven by trade tensions and inflation fears, both the S&P 500 and S&P/TSX composite index reached record highs.

As we enter the second half of the year, it’s time to assess. A mid-year business assessment can help advisors realign their practices, refocus on core goals and prepare for a strong finish regardless of what markets do next.

Begin by reflecting on your performance across the first six months. Examine key metrics such as revenue, profit, new client acquisition and asset growth. Did you hit your targets, or did market uncertainty cause shortfalls?

Assess your time management, too. Were you focused on high-revenue tasks or derailed during times of market volatility?

Client relationships are just as important. Have you maintained trust and delivered meaningful support? Clients value consistent communication, especially during turbulent periods. Reflecting on how well you guided them, what worked and what didn’t, will help you adjust moving forward.

Realign goals and priorities

Next, review the goals you set at the beginning of 2025. Are they still relevant? Some may need to be revised or paused given new realities. Establish clear, updated goals, whether that’s growing assets under management (AUM), improving service metrics or recovering lost ground.

Then, revisit your client and prospect segments. Who are your top-tier clients by AUM, revenue or strategic value? Focus efforts where they’ll have the most impact.

Similarly, refine your prospect list to concentrate on high-potential opportunities. Summer is ideal for scheduling reviews with key clients or launching targeted outreach. This strategic focus ensures that your second-half efforts align with your most valuable relationships.

Tune up core areas

Mid-year is an ideal time to refine operations, technology and team structure. Start with your processes and tech stack. Are workflows efficient? Are your systems well-documented and easy to follow?

Look for opportunities to streamline and automate repetitive tasks. Maximize your CRM’s capabilities, especially for client communication and tracking.

Check your marketing, too. Do your messages still resonate? Does your online presence reflect your expertise? Refresh outdated materials and ensure your content resonates with your ideal audience.

Lastly, consider your team dynamics. Are roles clearly defined? If responsibilities feel overwhelming, consider exploring delegation or hiring. Can you free yourself to spend more time with top clients or strategic initiatives?

Summer is also an excellent time for professional development — strengthen your foundation before the fall.

Build a simple plan

To reignite momentum, build a focused execution plan for the second half. Identify two or three key initiatives that will move your business forward. By narrowing your focus, you give each initiative the attention it deserves.

Break your plan into six- to eight-week sprints to create urgency and adaptability. After each sprint, review the outcomes and adjust as needed.

Recommit to your goals by writing them down and sharing them with your team or a mentor for accountability. Set regular business reviews to stay on track and address challenges as they arise. With a simple plan and consistent check-ins, you create a structure for execution. That helps you stay focused, measure progress and improve performance as you head into year-end.

A mid-year reset is more than a feel-good exercise. It is a critical opportunity to refocus and realign. Advisors who take time now to evaluate, adjust and re-engage position themselves to better navigate what lies ahead.

Whether the second half brings renewed growth or continued uncertainty, clarity and preparation will set you up for success. Approach the second half with purpose. Reflect on the lessons of early 2025 and turn them into forward-looking strategies. Your clients are counting on you, and the work you do now can deepen trust, drive growth and lay the foundation for long-term prosperity.

Advisor firms face a pressing dual imperative: increase advisor productivity and enhance client trust. Meanwhile, the traditional business model — anchored in compliance-heavy planning, reactive service and product-led conversations — is delivering unsatisfying client experiences. The two realities cannot coexist.

There’s reason for optimism though. Successful financial advisors are shifting the advisor-client relationship away from transactional sales planning, to one that elevates the advisor from a product intermediary or financial planner to a true guide — one who sees the full arc of a client’s life, including the uncertainty, transitions and aspirations that define it.

This evolution isn’t only about doing what’s right for clients, it’s about unlocking sustainable growth at the practice, firm and industry levels.

Today’s average advisor is overwhelmed. She balances compliance, administrative reviews, know-your-client requirements, planning software inputs and periodic product discussions. These tasks consume her time but generate little forward movement in her relationship with clients.

Instead of leading with product reviews or investment strategies, advisors should lead with insight and context — speaking to clients about life stages, life events and long-range outcomes. This front-end guidance makes downstream planning conversations more relevant and trusted.

The approach makes advisors better able to scale. They deliver deeper value in fewer meetings, spend less time chasing clients and more time engaged in meaningful work that drives revenue per relationship.

Rather than checking in for annual reviews — successful advisors are proactively guiding clients through the unpredictability of real life.

The trust dividend

Clients have grown wary of sales-first interactions and fatigued by complex planning tools that feel like barriers instead of bridges. The industry is increasingly aware of this consumer trust gap. In an era of AI-enabled self-education, clients want advisors who understand them, not just their accounts.

They want your help understanding what’s happening in the world and how it could affect them. They’re looking for advisors who initiate conversations rather than respond to questions. Those able to make this shift win clients who are more engaged, less skeptical and more willing to act.

Trust isn’t built by the products you recommend or the plans you produce. It’s earned by your presence, relevance and leadership.

As more advisors adopt this approach, they’ll begin to congregate within firms that have earned a reputation for this advanced level of service. High-performing advisors want to do meaningful work. Firms that enable proactive, client-centric guidance will become magnets for top talent.

The same applies to retention. Advisors who feel they’re making a real impact, with the tools and frameworks to guide clients through all of life’s transitions, are less likely to leave their firm. Their client relationships are more durable, and their careers more satisfying.

Firm leaders take note. This productivity-retention flywheel has the potential to deliver considerable growth.

The urgency for this transformation is real. The financial services industry is aging. Clients are more informed, more hesitant and more diverse in their goals. The environment is marked by change — demographic, technological and regulatory. None of these ideas are new, but in the current context, they’ve become more necessary.

A few decades ago, succession planning was seen as a simple task among financial advisors in Canada, Nevin Chernick recalls. A retiring advisor would find a successor to purchase their practice, they’d spend a bit of time introducing their clients to the new person and then they’d step away, leaving the new advisor to take on the challenge of retaining those clients.  

There are still some succession plans that are designed that way today. However, in recent years, the industry has placed more of a focus on starting the process earlier, thinking it through more carefully and allowing for an interim period where a new advisor is brought into the practice to foster trust with clients so that when the retiring advisor leaves, those clients are more likely to stick around.   

That’s precisely the approach Chernick, senior portfolio manager, senior investment advisor and branch manager with Richardson Wealth in Vancouver, is taking. It’s also the approach he recommends to other retiring advisors at the firm.  

“My goal was to start planning far enough in advance that when I am ready to step away, it will be a relatively seamless transition for our clients who are already familiar with the people that are going to be taking over the practice,” he said. 

“And so, my idea was, I want to find the person or persons who best fit the bill.”  

Here’s a glimpse into Chernick’s succession plan and tips he shared for other advisors planning to take the plunge.  

Where it all started 

Chernick initially hoped that an associate who had been working at his practice for eight years would eventually take the reins of  Chernick’s. But that associate left to work in his family’s real estate business.  

In 2017, he brought on another young, ambitious man who had a significant amount of portfolio management experience, with the possibility of succession in mind.  

This new associate expressed a strong interest in managing investment portfolios but less of an interest in networking and attracting new clients. Acknowledging this, the associate raised the idea of bringing another person into the practice, someone who exhibited this entrepreneurial spirit.  

Together, they decided on a young woman with financial planning expertise who was working in Richardson Wealth’s tax and estate planning group. They spent about a year formulating a plan for her to join their practice, and she was brought in officially last year, Chernick said.  

“I thought this was a perfect fit, because when you’re looking for partners to run a team, what tends to work, in my eyes, is two people who don’t duplicate each other, but rather two people who bring complementary skill sets to the team,” he said.  

“And so, I now have these two associate advisors, each with a very different set of skills, who ultimately will take over the practice.”  

A phased approach  

The three have taken interim steps to guarantee a smooth succession.  

First, Chernick wanted to confirm that his two associates were the right fit to carry on his legacy. Did they demonstrate a strong desire to be a successor? Check. Did they show a tremendous amount of care for clients? Check. Did their values align? Check.   

He also wanted to give his successors “prominent front and centre” roles so they could build a strong profile with clients as he gradually stepped back.  

Currently, the associate with portfolio management expertise handles annual review meetings with clients and provides market commentary in a monthly e-bulletin to demonstrate his depth of knowledge of the markets. Meanwhile, the associate with financial planning expertise goes through holistic financial planning processes with clients and is expanding the practice’s client base.  

“What’s critically important to me is I don’t want clients to think, ‘OK, the junior people are taking over. And how is this going to work? And is it going to work?’” Chernick said.  

“A lot of my bigger clients have been with me for over 20 years, so that’s certainly a blessing, but it’s also a little bit of a curse. … They’re used to dealing with me and now I need to get them comfortable with dealing with my successors.” 

As well, Chernick wanted to be transparent with his clients about his succession plan. This is important, he said, because it can help prevent clients from questioning what will happen when their advisors retire.  

“To the extent that you allow that to go on, I think you’re increasing the risk level that when you do ultimately choose a successor, your clients may not buy in,” he said.  

Chernick further considered how he wanted his succession plan to be structured. He said he worked with Richardson Wealth to develop a succession agreement without a rigid date for when he intends to retire.   

“What I’ve worked with the firm on is, let’s have the flexibility to say we don’t know when the actual date is going to be that Nevin’s going to actually step away, but here’s how we’re going to determine valuation once we know that date,” he explained.  

Chernick said this plan suited him because he doesn’t want to quit cold turkey.  

“As long as my health allows me to continue to be involved, I feel like I’d like to keep my mind active, I’d like to stay engaged, but in a lesser and lesser capacity,” he said.  

“I just think that that’s an ideal scenario, if you can make it happen.” 

Tips for advisors 

Advisors who are planning a succession need to be mindful of a few things. 

For one, they must manage everyone’s expectations — from their clients, to their successors, to their staff and their firm — about what the succession will entail, Chernick said. 

They also need to consider different succession plan structures and go with “what ultimately makes sense” for them, he suggested.  

In an internal succession plan, Chernick recommended advisors build the profile of their successor or successors among clients to instill confidence in the process.   

“You’ve got to create an understanding amongst your clients that it’s not a step back when you retire. They’re not going to suffer. Their portfolios aren’t going to suffer,” he said.  

Advisors who prefer to bring in a successor from outside of their firm should start thinking about who they may want to partner up with early and speak with their firm’s management or a branch manager, where possible, to express their desire to bring the individual into the firm to take over their practice, Chernick recommended.  

It’s also important to give forethought to how a succession plan is presented to clients, he said. 

“The sooner you start to envision how this is going to look, the better it’s likely to turn out.”  

For years, our industry has thought about teaming like a one-time event, rather than an intentional, sustained approach to growing a practice. That’s changing. Leading advisory firms view teaming not just as a staffing model, but as a core lever for scalability and sustainability.

We don’t have to look far for inspiration. In other professional-services industries, like accounting and law, the team-based model has been the norm for decades. It’s time for us to think along the same lines.

Our industry is undergoing transformation on multiple fronts. Clients are more informed, have more options and expect more from their advisory relationships. Meanwhile, advisors face rising costs, increasing regulatory pressure, evolving client expectations and competition from fintech disruptors.

What hasn’t changed is the importance of trust. Clients still want to lean on a trusted advisor. It is human nature to seek out different perspectives and trusted advice when faced with important decisions, but the demands on financial advisors have grown significantly. Those who haven’t found a way to invest in the necessary resources need to consider a realignment of their service model.

Case study: The modern model

Operating solo with a full-time administrative assistant, John had grown a book of approximately $30 million in assets under management in five years. He was wealth-focused, offering active asset management, and providing financial planning services to top clients who asked for it.

Early in John’s career, informal case-by-case partnerships were common. He was affiliated with a national firm but running a solo practice, leaning on their infrastructure and resources for support.

Despite this early momentum, John had hit a plateau. The initial support model (real estate, technology stack, product expertise) helped him survive the early years, but he was struggling with time constraints, increasing client complexity and higher service expectations.

 “My growth year over year is steady,” he said. “But the challenges I face now feel more intimidating than they did early on in my career.”

John had outgrown his operating model. The question was no longer about effort, it was about structure. His client-service process hadn’t evolved at the same pace as the practice.

John needed to make two changes:

1. A more capable back office. One that could handle complex transactions and compliance with greater efficiency.
2. A planning-first mindset. Financial planning needed to become central to client engagement, not a reactive offering.

John recognized that he lacked both the time and financial capacity to build this infrastructure independently. After careful due diligence, he aligned with a team that offered a strong operational foundation, a dedicated Certified Financial Planner leading the planning process and a shared philosophy regarding client service and growth.

Joining that team meant adjusting to new systems and processes, but it also opened new growth pathways. John is thriving as a result. With a more scalable platform, stronger planning support and mentorship in place, his business is accelerating. Future opportunities, including potential equity in the broader firm, are now within reach.

Take-aways for advisors

• Culture fit is important, but it’s not the only factor. It’s crucial to feel comfortable with the team, but it shouldn’t be the sole basis for your decision.
• Assess how your unique traits align with the team. Reflect on your skills, work style and business model. Do they complement or clash with the team you’re thinking about joining?
• Look for alignment in key areas. Do you share similar beliefs about client service, growth and ethics? Is there a shared approach to prospecting, client meetings and follow-up? Are service expectations and client relationship management practices in sync?
• Think long-term. Initial fit might feel right, but sustained success depends on deeper compatibility in how you operate.

Take-aways for firm leaders

• Focus on long-term integration. Alignment in how business is conducted helps drive higher retention, greater productivity and more harmonious team growth.
• Culture is critical, but don’t stop there. A good cultural match sets the tone, but operational compatibility ensures lasting success.
• Be introspective before you hire. Understand your firm’s values, go-to-market approach and client-service model. Use this as a lens to evaluate new advisors.
• Look for philosophical and practical alignment. Are the advisor’s values in line with yours? Will their business style integrate smoothly with your team?

Financial advisors have a lot to consider when planning to exit their practice — who they want to hand the ball to, how their clients will receive the transition and what they’ll do on the other side. 

Another factor is how to structure their succession plan. They can choose a complete or partial sale with added options under those two umbrellas that include share sales, asset sales and hybrid sales transactions. Each option comes with its own tax, legal, regulatory and financial implications.  

“It’s definitely an underappreciated area of the succession plan,” said Joe Millott, founder and principal of Toronto-based Acquatio. It provides guidance to buyers and sellers in the Canadian wealth management industry. 

“Everyone’s focused on how much they will get. They don’t think about how much they will get after tax.”  

Complete sales vs. partial sales 

There’s no one-size-fits-all approach to structuring a succession, said Tyler Wilson, director of advisor finance at Newmarket, Ont.-based Care Lending Group. The company offers business financing solutions to the financial advisory, condo and strata, golf and health-care industries.  

“It really depends on the operational plan, the current ability level of the successor, whether they’re ready to go or need a bit of mentorship over time, and the overall lifestyle choices and wishes of the advisor who’s looking to potentially step back or make a full exit,” he said. 

In a complete sale, the exiting advisor transfers 100% control of their practice to the buyer. The seller could exit immediately or after an agreed-upon transition period.  

Also, they could receive cash up front from the buyer on close, or a combination of some cash and a portion of the purchase price in instalments as spelled out in a vendor note, Millott said. 

In either case, it’s assumed that the buyer is “comfortable in being able to retain that book of business and maintain that value going forward,” Wilson said.  

In a partial sale, the seller transfers a portion of their business to the buyer, while continuing to participate either operationally, financially or both. This process typically spans multiple years.  

A partial sale allows the exiting advisor and the buyer to “test the waters,” Wilson said. 

“It gives the successor a chance to step into part of the business and understand how things are operated, get a beat for the overall philosophy and how to interact with the clients and what their expectations might be,” he said. 

If things go smoothly, then typically the end goal is to sell the remainder of the business,  as a block or in stages, Wilson added.  

Many sellers go the complete sale route because it gives them more certainty over the outcome of the sale, Millott said. 

“If you can execute a sale today for 100%, or at least greater than 80%, then you’re locking in the proceeds at a price that’s attractive to you and not taking any future risk on the performance of the practice,” he explained.  

“With partial sales, the owner is still taking the risk there may be deterioration in the practice,” Millott said. “They might lose clients, or when they’re looking to do the full sale, at that point they may not be able to do it at the price that they previously agreed [to] on the partial sale.” 

But partial sales have their advantages, too. They facilitate continuity of client care and can help ensure that an exiting advisor’s legacy is maintained.  

“The phased partnership buy-in over time is a popular mechanic and really ensures a smooth transition of a book of business,” Wilson said, noting it ultimately depends on both parties to decide what makes the most sense for them.  

Structuring the transaction  

Complete and partial sales can be structured as either asset sales, share sales or a hybrid of the two. 

A share sale involves selling shares in a business or transferring an ownership stake in the business to another party. It tends to be more seller-friendly because the seller could transfer liabilities and potentially benefit from the lifetime capital gains tax exemption of up to $1.25 million. 

In some cases, buyers may prefer a share sale if there are contracts and employment agreements within the exiting advisor’s corporation “that are identified as valuable to maintaining the goodwill of the business,” Wilson noted.   

Meanwhile, an asset sale involves selling individual components of the business, such as a client list, ongoing revenues and physical assets like office equipment, rather than the legal business entity itself. It’s typically preferred by buyers as it allows them to select specific assets to purchase and avoid unwanted liabilities, whereas sellers aren’t able to benefit from the same potential tax advantages a share sale would offer. “It doesn’t actually make any difference whether it’s a share sale or an asset sale in terms of the flow of funds, but it does have an impact on the seller in terms of how tax efficient the structure is,” Millott said.  

“Because employment income is taxed at the highest marginal rates, structuring a sale for capital gain is ideal. If a share sale is not possible, liquidating dividends from a corporation are typically taxed more efficiently than regular income.” In some cases, advisors may opt for a hybrid sale, which combines elements of a share sale and asset sale to balance risk and tax implications for the seller and the buyer. These sales are more complex, however, and require careful consideration.   

Further, advisors are limited as to what kind of sale transaction they can proceed with depending on the regulatory regime they operate under. 

As it stands, mutual fund-licensed advisors outside of Alberta can incorporate, meaning they’re able to exit their business through an asset sale or a share sale.  

Securities-licensed advisors are limited to asset sales unless, for example, “they’re selling to an investment counselling firm or a dealer that is willing to exchange the value of their practice for value in shares, and then eventually buy those shares back from them” Millott said. He noted, however, that these advisors’ ability to structure the deal in a way that can benefit from the lifetime capital gains exemption depends on the length and the status of the dealer or firm at the time the shares are acquired. That’s expected to change, as the Canadian Regulatory Investment Organization considers reforms that would allow securities-licensed advisors to incorporate. 

Other considerations 

Whether they’re exiting a business or purchasing from someone who is, advisors need to budget for tax and legal professionals. They can help structure a transaction in a way that optimizes tax efficiency and minimizes risks. 

“Everyone in the transaction tends to pay their own tax and legal advisors,” Millott said.  

“And I’ve seen … in the low end for a specialist M&A tax support, those fees can be $30,000 – $50,000. On the high end, they can be $50,000 – $150,000. And those professionals will be paid whether the deal proceeds or not.” 

As well, advisors should avoid jumping the gun when it comes to their exit, Millott recommended. He noted that many advisors tend to do so when their practices are not growing or in periods of market volatility.  

“That’s just counterintuitive, because most practice owners should be looking to sell when they’ve had a great year in terms of growth, not looking to sell when they’re having a less-than-ideal year,” he said.  

“I would draw parallels between most investors, [who] like to buy shares when they’re going up in price vs. when they’re coming down — it’s a similar case with practice owners.” 

Wilson said he’s seen some advisors change the structure of their succession plan because they’ve had a change of heart, or a lack of preparation went into the plan.   

“Making a good, solid plan early can really help mitigate against any potential obstacles along the way,” he said. 

 — With files from Jonathan Got

Too many advisors’ client relationships are strained. The world has changed, but their approach hasn’t.

They lead with planning software, product portfolios and compliance-driven reviews, all under the label of “holistic advice.” But something is missing. And clients feel it.

What’s missing is real guidance.

Clients are drowning in information, but starved for context. They’re not looking for more data. They’re looking for someone who can help them make sense of it.  Someone who can lead them forward with clarity and confidence. That someone should be a financial advisor.

The old planning-first model made sense when access to information was limited. Advisors were the gatekeepers of financial knowledge. But that era is long gone. Now, clients can research investment strategies online, follow financial influencers and utilize AI-powered tools to analyze their portfolios. Access isn’t the issue anymore; understanding is.

Yet many advisors remain caught in patterns of service reviews, technical recommendations and reactive meetings. It feels efficient and measurable, but it’s no longer relevant. Clients want someone who understands where they are, what good and bad decisions got them to this point, what they care about and how to help them build a future of confidence.

They want someone to walk beside them, not generate reports on their progress. Clients want to be guided, not just advised.

Guidance doesn’t replace planning — it enhances it. It starts with stories, not spreadsheets. Being a guide means learning about your client’s fears, dreams and the decisions ahead. It’s about helping people articulate what matters most, then aligning financial choices to those deeply personal wishes.

Three drivers

This shift is being driven by three forces.

1. Expectations have changed. Clients want more personal relevance and connection. They’re not necessarily unhappy with investment performance, although the uncertainty is a challenge. They’re disappointed by the customer experience.
2. Life is more complex. Clients today are balancing aging parents, blended families, business responsibilities, career pivots and long-term purpose. They’re not just planning for retirement. They’re trying to navigate life’s turning points. They need someone who understands the bigger picture.
3. Technology has upended the advisor value proposition. Planning software can do the math. Online advice can suggest products and allocations. But no tool can calm a nervous spouse, help weigh difficult trade-offs or add clarity during a period of uncertainty. Human guidance — real empathetic leadership — is what differentiates an advisor in this environment.

Think like a mountain guide. They don’t just hand over a map and point to the summit. They walk with you. They understand the terrain, the weather, your limits and your potential. They make real-time decisions to keep you safe and moving forward.

Successful advisors are leaders. They are a steady hand at pivotal moments. They are the ones clients trust to make sense of the complexity and turn it into a purposeful plan.

Advisors who adopt a guidance-first model see more productive client meetings. They earn greater wallet share, higher retention, more referrals and deeper relationships. Clients are more engaged, more loyal and more inspired to act because each conversation centres on what matters to them.

For many advisors, this requires an evolution of their practice. Let guidance lead. Build an approach of leadership, clarity and client-centricity. See the whole client — family, business, career and community. Not just their accounts.

Today’s client doesn’t want a product salesperson. They want a guide. And they’re ready to follow.

Jim Lyons is the founder of Lyonscraft Consulting Inc.

A decade into working in the financial services industry, Adam McInroy has purchased the books of not one, but three financial advisors. In each case, he says he was able to retain more than 90% of the exiting professional’s clients.

But the 41-year-old certified financial planner (CFP) with McInroy & Associates, which operates under IG Private Wealth Management (IG) in Bobcaygeon, Ont., says there’s more to succession planning than transferring clients and assets from one advisor to another.

“There’s a lot of intricacies that I, in hindsight, would have considered,” McInroy said.

Here’s what the three-time successor’s journey entailed and some of the tips he shared for other advisors considering picking or becoming a successor.

Internal successions ‘a godsend’

McInroy got his start in the industry as an independent advisor with IG.

After a year of working independently at the firm, he made the switch to his mother’s practice, McInroy & Associates, with the goal of succeeding her when she retired. He officially took over as the lead financial planner of the practice in January 2021. His mother retired in July 2023.

A few years before that transition, McInroy and his mother were approached by another advisor with IG who was looking to retire and sell their books. That advisor joined McInroy & Associates as an associate for nearly three years to ensure a seamless transition for both clients and staff. McInroy officially succeeded them in December 2023.

McInroy later went on to purchase “a percentage of the block of business” of another advisor with IG, a process that took a year and a half and wrapped up last December.

Each of these successions happened internally within IG, which McInroy called a “godsend” because it saved him the trouble of finding an independent lawyer, negotiating book value, and having to navigate different tech systems and firm logistics. Clients were transitioned to him within 48 hours of the agreed-upon succession date.

“There was no repapering of them. They didn’t lose any of their historical rates of return. Their statements looked identical,” McInroy said. “It was a very smooth client experience.”

While he wouldn’t characterize these successions as simple processes, McInroy said they were simplified due to all of them taking place within one firm. He said he’d jump at the opportunity to be the successor to another advisor, either within IG or externally.

“There are going to be hiccups and there are bumps, and you can’t plan for them all, but without a second doubt, … I’d do it again in a heartbeat.”

Earning client trust

The key to a successful succession is client satisfaction.

Ideally, a successor will meet a retiring advisor’s clients over several meetings, “instead of just a once and done,” to build rapport, McInroy said.

“That’s the hardest thing that we tend to discount. It’s not about the technical planning — most people in this industry, if they hold their CFP or similar designations, they’re technically sound,” he said. “It’s truly the relationship and transferring of that trust which is the hardest part of buying and selling the business.”

With his predecessors, McInroy said he felt pressure to earn the trust of clients the retiring, “tenured” advisors had built deep relationships with over several years.

He spent six years working alongside his mother, participating in “a lot of joint meetings with some of our bigger clients” and grasping her technical knowledge. His mother stayed on as an associate at the practice for two and a half years after that to mentor him and support the operational side of the business.

In another case, the retiring advisor scheduled meetings with clients to inform them about the succession plan, arranged for the clients to meet McInroy, and then scheduled follow-up meetings to ensure they were confident in the plan.

“It’s truly the relationship and transferring of that trust which is the hardest part of buying and selling the business.” 

– Adam McInroy

In his most recent succession experience, McInroy said he participated in a series of joint client meetings with the retiring advisor “to make sure that it was not only a good fit from a personality standpoint, but also that … we wouldn’t have to start from square one when it came to where [clients] were in their financial plan.”

“The idea behind that was the clients got to ask us questions,” he said. “We introduced the practice and the team and what they can expect, and it allowed for the clients to feel good about what was happening, and they weren’t going to be … hurt.”

Succeeding advisors should take the time to ask thoughtful questions and actively listen to their predecessor’s clients, McInroy said. For example, he took notes during initial meetings about clients’ concerns, passions and hobbies to reference in future meetings.

If a successor isn’t able to schedule multiple meetings with clients before the retiring advisor leaves, they should chat with them soon after to ensure clients know they’re still a priority and can reach out if they have any questions or concerns, McInroy recommended.

“When you’re taking client relationships over, trust isn’t built overnight or with an email,” he said. “It takes multiple interactions.”

Finding your match in a succession

Clients also benefit when a retiring advisor and their successor see eye to eye on things such as workflow and portfolio construction, allowing for continuity of care.

Sellers should have open and honest conversations with buyers about how they run their practices and approach different scenarios. They should then communicate their alignment on these things to clients, McInroy suggested.

“How we manage clients’ money is super important because it allows us to be able to continue on the same conversations with our clients, to address their fears and concerns, especially with market volatility, in the same way that they’ve been used to.”

Setting a realistic timetable

The main takeaway for McInroy through his succession experiences was that advisors need to begin planning early and set realistic timelines for when they plan to retire.

“We have this belief as advisors that we’re in an industry in which it doesn’t matter how old we get, we can still do it,” he said. “The biggest thing that I’ve learned is, when it’s time for me to retire, I gotta retire. Because we think we’re doing what’s in the best service of our client, of keeping that relationship, but odds are we’re failing those clients.”

Unless an advisor is keeping up to date on tax planning opportunities, investment strategies and what’s best for their clients, “we’re failing [them],” McInroy said, noting that some of the clients he’s worked with took notice when their advisor became less active as they aged.

His advice to seasoned advisors is to decide what they want to do in retirement. In other words, don’t just plan for the financial aspects such as valuation and dealmaking — focus on the emotional aspects, too.

“Having hobbies and interests that you’re already passionate about before you retire allows for a better overall retirement experience, both for you from a mental standpoint, but also a willingness to say, ‘Hey, I’m ready to step back because this is my next passion or next calling or next activity,’” McInroy said.

Approaching a retiring advisor

On the flip side, it can be tough for newer advisors to find a seasoned professional who’s willing to sell their book.

McInroy’s advice to budding advisors is to connect with people in the industry and at their current firm who share similar hobbies and traits, “because odds are if you’re sharing similar hobbies and interests and passions, your ethics and your mindset as far as how you work with clients is going to be probably pretty similar.”

Another way to solidify these connections is by asking a seasoned advisor for a coffee chat to pick their brain on different aspects of the job or industry.

“It doesn’t have to be with the goal of buying the book of business, but just, ‘Hey, I’m having some challenges with this client. How would you navigate that?’” McInroy said. “That’s really where a mentorship, an opportunity for idea sharing inside of offices, is really beneficial.”

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