Does your investment portfolio need a succession plan?

1/12/2022

Succession planning isn’t just for corporations. Retirees and their families need to think seriously about a succession plan for their personal financial portfolios.

Why? Because the financial services industry is bracing for a tidal wave of retirements over the next several years. According to recent studies, the average age of financial advisors is 55 and nearly 40% of all financial advisors will retire within the next 10 years.

If you are close to retirement or already enjoying “the good life,” you’re likely working with a Financial Advisor (FA) near your own age. As an investor, you want to ensure your advisor is there when you need them the most, which is often well past retirement day. Whether your adviser is nearing retirement or not, it’s important for you to engage in discussions regarding a succession plan for your own portfolio.

John Feste, President of Marks Group Wealth Management, is an advocate of this approach. “You really need to be thoughtful when preparing for your own advisor’s succession. People don’t like to address the situation, because their advisors are like old friends and it can be a difficult conversation. The stock market has done well, so the path of least resistance is to do nothing.”

“An aging FA population is a real issue in our industry,” Feste went on to say. “At Marks Group, we are very proactive in communicating with our clients and preparing a long-term plan. We have an entire team of advisors, representing different ages, who support them. That enables a very seamless transition, whenever it’s needed.”

“Our approach to wealth management is multi-generational,” Feste continued. “We see ourselves as a facilitator to help bridge the generations. We want our clients to have financial confidence knowing we have the appropriate structure in place to address any concerns that might impact their children, grandchildren or great-grandchildren.”

One example of Marks Group’s commitment to a multi-generational strategy is Patrick Deeg, who was recently recognized by Forbes as one of its top Next-Gen Wealth Advisors. The 38-year-old Deeg, a Principal at Marks Group, is one of only five wealth managers in Minnesota to be honored.

Being named to the Forbes list is a significant distinction, as it incorporates analysis, algorithms and extensive due diligence by SHOOK Research, an independent, third-party research firm to determine the top 500 advisors from nearly 14,000 nominations.

“Pat is very deserving of this recognition,” commented Ben Marks, Founder and Chief Investment Officer of Marks Group Wealth Management. “He’s exceptionally talented, very thorough and continually hones his skills. Our clients really value his expertise and his personal touch.”

Deeg is proud and humbled to be recognized by Forbes. “It’s a testament to the dedication we have to our clients,” Deeg explained. “Managing a family’s life savings is a responsibility we don’t take lightly. We need to be good stewards with their money. I invest in each of my clients’ relationships just as they invest in me.”

“The relationships and bonds we create with clients are deep,” added Deeg. “Many become like family. We feel it’s important to engage the entire family. Money can be a topic that’s taboo. Our job is to bridge the gap and find solutions to manage their estate and develop strategies for transferring wealth to future generations.”

“We’re very proficient in estate planning and our clients appreciate that we have a plan for both the near-term and the long-term,” Deeg concluded. “We practice what we preach. Marks Group has a great mix of talented people across a variety of age groups, so we’re well-positioned to help our clients navigate the challenges of an aging workforce in financial services.”

About Marks Group Wealth Management

Investment advice offered through Marks Group Wealth Management, a Registered Investment Advisor (RIA) located in Minnetonka, MN. As of December 2021, we manage $1.7 billion in assets primarily for high-net-worth families, private foundations and small business retirement plans. Our advisors are fiduciaries, always acting in our clients’ best interest. We conduct our own research, build our own portfolios and design and implement strategies based on a client’s specific needs and priorities. Our holistic approach has resulted in Barron’s naming Marks Group as one of the Top Advisors in America for 12 consecutive years*.

https://marksgroup.com/

About Forbes Next-Gen Wealth Advisors rankings methodology

The 2021 Forbes Next-Gen Wealth Advisors rankings, developed by SHOOK Research, is based on an algorithm of qualitative criterion, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of four years’ experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass the highest standards of best practices. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings.

https://www.forbes.com/top-next-gen-advisors/#59d642206df0

About SHOOK

SHOOK does not receive compensation in exchange for its Top Advisor placements or rankings, which are determined independently (see methodology). Participation in this directory is limited to ranked advisors; once placed on a ranking, advisors may choose to pay fees to Forbes and Shook for premium listing features as indicated by highlighted names. Investors must carefully choose the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. For more information, please see www.SHOOKresearch.com. SHOOK is a registered trademark of SHOOK Research, LLC.’

www.SHOOKresearch.com

Media Inquiries

Mike Kust
612-338-1663
763-226-3874

*Barron’s Top Financial Advisors (2010-2021) is based on assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.

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Barron’s Top Financial Advisors (2010-2021) is based on assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.
The Forbes Best-In-State Wealth Advisor (2018-2021) and the Forbes America’s Top Wealth Advisors (2017) are based on client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms.