Barron's Advisor Raj Bhatia: Don’t Shy Away From Hiring Your Own Child
May 27, 2025
Raj Bhatia, a seasoned Private Wealth Advisor at Merrill, shares his insights on hiring family in the wealth management sector. He discusses his experience of bringing his daughter into the firm, emphasizing the importance of succession planning and client relationships. Raj delves into the complexities and benefits of employing family members, balancing professional boundaries with familial familiarity. He narrates personal anecdotes, reflecting on how open conversations can ease transitions and foster successful dynamics in family-operated businesses.
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Daughter Joins Family Practice
- Raj Bhatia's daughter Ariana initially pursued a finance career at Goldman Sachs before joining his wealth management practice.
- She preferred building long-term client relationships versus transactional work in private equity.
Start Succession Planning Early
- Start succession planning at least 10 years before retirement to ensure legacy.
- Succession planning involves preparing multiple people, unlike retirement planning focused on one.
Building on Legacy Wins Trust
- Joining a family business requires the successor to build on the founder's work, not just inherit it.
- Client perception solidifies succession when they see the successor involved alongside the advisor.