Succession planning remains a critical yet often overlooked issue in the financial advice sector, with a substantial portion of advisors nearing retirement. A recent Cerulli report highlights that nearly 40% of advisors, representing over $11 trillion in assets, plan to retire within the next decade, underscoring the urgency for succession strategies. 

Advisors without a clear plan risk devaluing the business they’ve built, while thoughtful succession planning can help protect and even enhance this value. Cetera has assisted in numerous advisor transitions and acquisitions, providing advisors with resources to prepare for both anticipated and unexpected exits. 

Proper succession planning ensures continuity, whether through expected retirement or unexpected events like disability, safeguarding both the advisor's legacy and family’s future. 

Finsum: Strategic succession plans prioritize choice, flexibility, timing, and control, helping advisors smoothly transition.

Asset managers are increasingly rolling out tax-managed products, with investments in these vehicles seeing notable growth. Assets in tax-managed separately managed accounts (SMAs) surged to over $500 billion, a 67% increase within 18 months, while tax-managed mutual funds grew by 22% to $73 billion, according to Morningstar. 

Direct indexing dominates tax-managed SMA assets, offering customized tax management by investing in individual stocks within an index, though other strategies like ETF model portfolios and active equity are gaining traction. 

Morgan Stanley’s Parametric leads this area, managing $245 billion, mainly through direct indexing. Morningstar anticipates direct indexing will stay prevalent, but asset managers like JP Morgan’s 55ip and AB are exploring alternatives, focusing on model portfolios and municipal bonds for tax advantages. 

Finsum: We may see more unified managed accounts, which integrate various investment types, creating more comprehensive tax management options.

Creating stylish storage in a living room is essential for both organization and enhancing the space’s overall aesthetic. A well-planned storage layout not only keeps clutter at bay but can serve as a focal point, adding elegance to the room.

Designers recommend focusing on details like unique hardware and luxurious finishes—think fluted wood or polished brass—to elevate cabinetry and shelving. Styling shelves with curated vignettes, such as decorative books, candles, and art pieces, brings an upscale, cohesive look to your storage units. 

Mixing vintage pieces with contemporary decor also introduces character and sophistication, making storage solutions feel more integrated and personalized. For a seamless luxury vibe, built-in storage is ideal, but freestanding pieces with unique textures can offer personality while staying budget-friendly.

Finsum: Let your interior space be defined by what reflects your own personality and interests to give a better since of your tastes!

Commonwealth Financial Network is enhancing its advisor platform with new tax-focused tools to improve efficiency and meet clients' evolving needs. This suite includes advanced planning solutions such as direct indexing, portfolio tax optimization, and unified managed accounts, providing advisors with tailored options for optimizing client portfolios. 

In 2025, advisors will also have access to a managed CTO service to streamline technology management, allowing them to focus more on client relations. Additionally, tools like the tax transition feature and automated tax-loss harvesting will support tax-efficient investing for clients. 

These upgrades are positioned to enable advisors to scale their businesses and better serve clients, particularly those with sophisticated financial needs.

Finsum: These types of innovations in wealth tech can vastly improve advisors options particularly with tax solutions.  

Switching broker-dealers can transform a financial advisor’s career, but it’s essential to approach the process with careful consideration. Start by evaluating potential firms' growth opportunities, ensuring they provide the resources and support needed to advance your practice.

Culture compatibility is equally important; a firm that shares your values and work style can enhance long-term satisfaction. Assess the depth of each firm’s capabilities to ensure they align with your business needs, particularly if you specialize in a unique niche. 

Also, consider the firm's brand and history, as a reputable and trusted name can positively influence your client relationships. Finally, trust your instincts after thorough research, and don’t hesitate to seek expert advice for finding the best fit for your business’s future.

Finsum: Considering outside counsel for expert advice is a great way to get a better feel for a new BD.