Barron's Advisor Geri Eisenman Pell: Succession Planning Tips for Financial Advisors
Feb 25, 2025
Geri Eisenman Pell, co-founder and private wealth advisor at Rise Private Wealth Management, shares her journey after merging her firm. She discusses practical steps for succession planning, emphasizing the alignment of personal strengths and market demands. Pell highlights the importance of effective communication and trust during transitions, alongside the emotional challenges advisors face. She also advocates for empowering women in finance and the need for a supportive team structure, ensuring a successful legacy while navigating industry complexities.
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Succession Starting Point
- Advisors should evaluate their strengths and current market demands when considering succession.
- Focus on what you excel at and what clients need.
Partner Evaluation Criteria
- Evaluate potential partners based on client needs, team dynamics, cultural fit, and personal goals.
- Prioritize these factors to avoid feeling overwhelmed.
Internal Succession Challenges
- Geri Eisenman Pell initially planned for internal succession by training advisors but realized some preferred different roles.
- This led her to consider an external merger to meet client needs for complex services.