Those who complete the succession planning process find that it gives them control, she said. It's so rewarding. They think they're giving up control, but it's a way to have control over your future. Although retirement is the end goal, a succession plan also eliminates chaos resulting from sudden death or disability that removes the business owner from the scene. Disability could mean an illness or accident affecting the owner or any of his or her immediate family that requires the owner's full-time attention.
All designations require a minimum of three years' experience in the field plus courses of study.
CFPs take a six-course program on 106 topics in asset management, employee benefits, investment, estate planning, insurance and retirement. ChFCs take additional courses while CLUs focus on insurance. In addition, there are registered investment advisors who are subject to SEC rules and regulations. Financial planners usually work closely with a businessperson's lawyer and accountant and are often referred by them. The organizations also offer consumer information on using financial planners.