When your business depends on you, it's not just exhausting… It's risky! Tyson Ray and Kim Cochenour reveal the hidden traps that quietly drain your firm's value and share how real succession planning can protect your clients, your legacy, and your freedom.

You'll learn what it means to de-risk your practice, so it can run – and THRIVE – even when you're not there.

• In this episode, Tyson Ray and Kim Cochenour look at the hidden risks of what drains your value, stalls your succession, and puts your clients at risk when you aren't there.
• The concept of de-risking your practice comes from the exit planning world – it has to do with identifying and understanding perceived and known risks when you're getting valuation work done for a succession.
• Kim points out that if an advisor is thinking of succession but the business is all dependent on them, it isn't sellable and is fragile for both the advisor and their loved ones.
• Tyson opens up about the stress test the firm went through when he turned 50.
• Remember, from a valuation standpoint, if the practice can run itself (without you), it's much more valuable for potential investors.
• At the same time, the business may be more valuable to you as the owner, if you don't have to be the one doing everything.
• Tyson explains how they managed to identify gaps when he went through this process when he was 30 and, then again, when he turned 50.
• Tyson and Kim talk about letting G2 be involved enough in the business so that if the founder stepped out, they would be able to step up.
• For Tyson, approaching your firm like a medical practice – and their chart-driven approach – is an excellent way to de-risk your firm.
• A big goal should be ensuring that the trust and client relationship can be "downloaded" and transferred, then "uploaded" back to the client to make them realize that the firm knows who they are and cares about them.
• Not putting the burden on any one person is a big part of de-risking.
• Tyson goes over who owns the client, and how understanding its repercussions will impact your practice.
• There are 3 ways to jumpstart the de-risking process:
  1. review and update your operating and partnership agreements;
  2. establish what a buy-sell agreement would look like or review your current one;
  3. create a key person contingency plan that's legally documented.
• Tyson illustrates who an advisor should reach out to when it comes to specialized people in the financial services or legal counsel.
• Tyson and Kim discuss a few steps that can be taken to initiate the de-risking process.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - Succession, EOS, and the Power of a Plan with Andrea Schlapia

Green Bay Packers

Chicago Bears

SEC – U.S. Securities and Exchange Commission

FINRA

With a looming 100,000-advisor shortage, senior principals are failing to plan their own exit while misunderstanding what truly motivates the next generation of wealth managers.

Nate Lenz, CEO of Concurrent, joins us to break down the entitlement mindset, the flaw of chasing rainmakers, and to share the key drivers of valuation that will help you with succession planning.

• Nate shares his succession background and a couple of industry developments he has witnessed up close and personal.
• According to a McKinsey study, there will be a shortage of about 100,000 advisors by 2034.
• Nate lists a couple of downsides that can put G2 advisors in a negative situation.
• Kim points out a big flaw many advisors face: Not having planned their own exit nor planning for their own retirement…
• Tyson touches upon a recent encounter with an advisor who saw everything change once the practice was solved – he didn't realize the stress that you need to deal with to hit growth targets.
• Succession readiness is something that Nate and his team often talk about internally at Concurrent.
• Making sure that clients are well taken care of is an important aspect Concurrent focuses on.
• "The path that got a 50, 60, 70-year-old advisor where they are is not going to be the path that takes G2 advisors into the next space," says Kim.
• Nate sees the entitlement mindset as one of the things the next generation of advisors is continuously going to battle.
• Tyson believes that too many advisors are still thinking that they need to hire the rainmaker…
• Opportunities for advancement or mentorship and development – and not work-life balance, remote work, and compensation – are the motivations FinServe has observed among a pool of recent graduates that had entered wealth.
• "Owning my own firm or being a partner in a firm" are the two most popular answers to the "Where do you see yourself in 10 years?" question asked by the Concurrent team.
• Scale, diversity of revenue, alignment, and growth are the four key drivers of valuation at Concurrent.
• Kim and Tyson go through the S.P.A.C.E. acronym: See, Prepare, Act, Commit, and Exit.
• Remember: Succession is a process, not an event.
• Nate talks about how he sees Concurrent help advisors through the S.P.A.C.E. framework.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Nate Lenz on LinkedIn

Concurrent

Raymond James

McKinsey

FinServe

Too many founders make a critical mistake when it comes to succession: seeking a successor who's a clone of themselves.

Tyson Ray and Kim Cochenour break down why letting go of that idea is the key to building a sustainable legacy.

Tune in to learn about the role of loyalty and the owner's responsibility to the next generation of advisors (G2), and to hear the hardest team-building lesson learned by Tyson.

• Tyson Ray kicks things off by stressing the importance of loyalty and the owner's responsibility of grooming the team, so that members can take over the reins.
• "The more you build a team that can run itself, the more your company is worth, the better the clients are going to be served when you're no longer there," says Tyson.
• Kim lists what she and Tyson often hear founders say about their G2 (and why they wouldn't be a good option for succession).
• Remember, today's successor doesn't have to be you, they're not going to be like you. They need to be coachable, consistent, and committed.
• As a leader, it is good to keep in mind that not every advisor wants to be the CEO, Kim notes… and that's ok. However, every firm needs to plan for who's next.
• Tyson opens up about how Kim came into his business and why she has been an excellent choice for the firm.
• Kim and Tyson touch upon the client service-focused training model they've established at their firm, as well as the role of mentorship.
• Tyson raises a point that will help you become a better mentor, teacher, and leader.
• Kim shares her favorite African proverb, while Tyson discusses the hardest lesson he had to learn about building a successful team.
• Tyson talks about what to do, as an advisor, if you don't have much of a runway to do a succession.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)

Previous episode - What If You Don't Sell? Rethinking Succession with David Patchen

Bryan Sweet

Scott Danner

Tyson Ray and Kim Cochenour are joined by Brittany Anderson of Sweet Financial to dive into why the so-called "Queen Bee Syndrome" actually kills value and impedes succession.

Tune in to learn how to strategically identify your firm's leadership gaps, explore powerful external options, and find high-value next-gen advisors who are empathetic self-starters ready to lead their firm.

• Tyson Ray and Kim Cochenour explore potential external succession options.
• Brittany kicks things off by sharing how her journey in the wealth planning space started 17 years ago.
• She goes over why leadership development is such a critical piece of succession planning and growth.
• Tyson explains why, as a founder, doing things the way you did in the past isn't the right recipe for success – and Brittany doubles down on the so-called Queen Bee Syndrome.
• "When you get to a certain point in your business, you're ready to either build, buy or sell", says Brittany.
• Tyson, Brittany and Kim talk about one of the biggest challenges advisors face: letting go.
• Brittany sees a big flaw with operating systems: they treat people on your team as a method for getting what you want instead of learning what they want.
• Helping them accomplish their goals in a way that's so tied to your vision and supports them will likely make them team members that never want to leave.
• Brittany lists what to be aware of and try to avoid when looking at next-gen advisors.
• Remember, just because somebody is really good at what they do, does not necessarily mean that they're going to make for a great leader…
• Empathy and self-starter are key traits Brittany recommends looking for in a next-gen advisor.
• Brittany shares an exercise for leaders. Take a piece of paper and write down what you want to spend your time on, what you'd like to focus on, and what you wish to have influence over.
• Kim asks Brittany to share her thoughts about the role that a leadership culture looks like inside of a thriving practice, as well as about successfully preparing for a succession.
• For Brittany, going through the exercise of identifying your firm's gaps – even if you have internal succession leaders – will help increase the value of your business.
• Don't limit yourself to thinking about what you're retiring from, but also think about how you're going to spend your days, and when your energy's going to go.
• Tyson warned founders: "You're either going to decide how this works or it's going to be decided for you or for your family."

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Brittany Anderson

Sweet Financial

Dan Sullivan

Meta

OpenAI

Tyson Ray and Kim Cochenour dive deep into the topic of external succession. You'll hear what it means to sell your practice to an outside party (like an aggregator or private equity firm), and the difference between an integrator and an aggregator, as well as why you should consider exploring external succession.

You'll walk away with more clarity and knowledge and a crucial reminder: You don't have to do succession alone, but you absolutely have to do it!

• Tyson Ray and Kim Cochenour explore potential external succession options.
• "External succession is something that everybody should explore to make sure they're making the right decision", says Tyson.
• Kim stresses that, unlike an internal succession, an external succession may feel more like a transaction… but it doesn't have to be.
• Kim and Tyson define external succession: it's when you sell your practice to someone outside of your existing team. It could be an advisor, another peer, an aggregator, or an integrator.
• Tyson goes through what differentiates an aggregator and an integrator.
• From a financial standpoint, Tyson sees external successions as a bit more lucrative than internal ones.
• While there's a perception that there would be continuity of someone serving your clients like you do, Tyson cautions against it – it doesn't mean that everyone who raises their hand will actually be ready to buy it.
• Tyson lists some of the pros and cons of doing an external succession (and its potential repercussions for your clients).
• Did you know that there are firms that started out as aggregators that became integrators? Tyson explains why that's not good.
• Tyson discusses the option that, if you want to just throw up your hands and be done, it will enable you to do exactly that.
• Private equity is a way of "taking some chips off the table". It's a way of monetizing some of your practice, but not necessarily selling your practice.
• Thinking about tapping into private equity? Remember that who you sell to today may not be who owns it tomorrow.
• Tyson stresses the importance of making informed decisions and touches upon the concept of a succession exit (and everything it entails).
• An important reminder from Tyson: "You don't have to do succession alone…but you have to do it."

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

The financial advisory industry is facing unprecedented change as succession, consolidation, and private equity reshape the landscape. Tyson Ray and Kim Cochenour sit down with Wealth Enhancement Group's Dean Smith to explore what's driving the surge in M&A activity.

If you're an advisor wondering how retirement and succession will impact your future or why you may be underestimating both the value of your business and the complexity of succession, this conversation is for you.

• Co-hosts Tyson Ray and Kim Cochenour are joined by Dean Smith of Wealth Enhancement Group to address an unprecedented industry change.
• One of the biggest shifts happening in the financial advisory industry right now is the convergence of advisory retirement, the increased M&A activity, and the surge of private equity interests.
• Dean goes over his backstory, what drives him, and shares his thoughts on what he has seen across the industry, both in terms of advisor retirement and consolidation.
• For Dean, the influx and M&A in the financial advisory industry started in 2015 and is driven by two things: the desire for succession planning, and the fact that scaling matters.
• Some advisors choose to stay for 3-5 years post-deal. They often feel like they're having fun again.
• Tyson, Deal, and Kim touch upon some noteworthy industry trends.
• Dean has noted that "Many advisors are underestimating the value of their business and the complexity, but many of them also underestimate the complexity behind true growth."
• "There are a lot of advisors out there that are losing so slowly they still think they're winning, because market growth masks the reality of what their practice is really worth," says Tyson.
• Dean lists the qualities ideal clients of Wealth Enhancement Group (WEG) should have.
• There are a lot of unknowns about what you can actually get in terms of your succession planning.
• Dean opens up about what advisors hear once the succession "dust" settles, as well as what someone intrigued by WEG should consider.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Dean Smith on LinkedIn

Wealth Enhancement Group

Charles Schwab

Fidelity Investments

Raymond James

Jeff Dekko

Is internal succession really the "ideal" advisors imagine it to be? Tyson Ray and Kim Cochenour unpack the realities of selling to team members, family, or merging with another group – and why alignment alone isn't enough. If you care about protecting your clients, your team, and the legacy you've built, this conversation will help you see internal succession in a whole new light.

• In this episode, Tyson Ray and Kim Cochenour talk all things internal succession.
• Tyson sees internal succession as "the ideal that everybody sets out for, but doesn't necessarily take the time to really implement or build over time."
• With an internal succession, you create someone who can basically take over the expertise you have running your firm, and that can serve the most important needs of and relationships with your clients.
• Kim explains that international succession is not about selling to an outside buyer or an aggregator… it's about keeping the business in the family.
• That doesn't necessarily mean a family member, though – it can be someone who's already inside of your practice or who's working within your "ecosystem."
• Tyson points out that, while there may be some fee forms and other matters involved, an international succession within the same team is a non-client approved event.
• Tyson breaks down the internal succession process that focuses on a team member.
• Kim warns against not having a foundational conversation with relevant team members even with people you've mentored and think you know quite well…
• Citing past guest Nick Arellano, Kim shares an important reminder: alignment isn't always enough – you need accountability, legal clarity, and a plan in place.
• Tyson and Kim go over the pros and cons of having an internal succession that includes family members.
• Thinking about internal succession with a family member? Ask yourself this: "Are they the best person to run the firm?"
• Tyson and Kim talk about merging your team with another one at your current custodian.
• There are three main internal succession paths: you can sell to a team member, you can sell to a family member, or you can merge with another team at the same custodial platform.
• Regardless of the path you choose, you have to have a plan, some clarity, and some structure to help avoid the conflict for you and your clients, and the legacy you've built.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Nick Arellano

Previous episode - Succession and Exit Planning: What 40% of Advisors Must Face in the Next 7 Years with Nick Arellano

What's the difference between a smart succession and a rushed exit? Tyson Ray and Kim Cochenour are joined by Nick Arellano to discuss why treating your firm like a house sale is risky, and how valuation, growth, and planning shape your future.

This conversation will help you approach succession and exit planning – something 40% of advisors will face over the next 5-7 years – with clarity, confidence, and long-term vision.

• Tyson Ray, Kim Cochenour and guest Nick Arellano look at the elements of a smart succession and what makes for a successful business exit.
• Nick shares his background, while Kim shares an advisors-plumbers similarity.
• Not having a succession plan, and the increasing age of advisors are something advisors should really be paying attention to as the landscape is shifting.
• This may come as a surprise to you but an estimated 40% of advisors are set to retire over the next 5-7 years.
• Many advisors treat succession just like selling a house – Nick explains why that happens and the potential risks of having that approach.
• Tyson shares the story of how getting a valuation impacted him, and what advisors in a similar position should consider.
• Nick goes over the key factors of valuation: growth, value, and profit.
• Kim stresses a misconception many advisors believe, as they think that's valuation is only based on their revenue…
• Understanding that your business is not just producing income, but is an actual asset that has value is a mindset shift many advisors are unable to wrap their head around.
• Nick explains that whatever you take on an annual basis is going to impact the value you're going to get.
• The less you take upfront, the larger the value is going to be. The more you take in compensation, the lower the value is going to be.
• Want to do a successful succession? "You kind of need to start checking your ego, and now you just start letting go of some things to enhance the value of your company," says Tyson.
• Nick goes over why, in his opinion, the financial advising industry hasn't incorporated young talent really well.
• Many advisors have an operational agreement, but don't actually know what's in it.
• Remember: everything in valuation comes down to growth, risk, and profit.
• Nick discusses what their goals working with advisors is, and how you can start the process of getting help from Your Legacy Partners.
• Don't forget: it's not really about the exit…it's about what comes next.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Nick Arellano

YourLegacyPartners.com

[email protected]

The ALS Foundation

Are you choosing your successor out of clarity, or just comfort? In this episode, Tyson Ray and Kim Cochenour unpack the hidden traps of succession, from mistaking loyalty for leadership to assuming one person can wear all the hats you do.

Packed with hard truths and practical takeaways, this conversation will challenge your assumptions and help you build a succession plan that actually works.

• Tyson Ray and Kim Cochenour look at how picking your successor isn't as obvious as you may think.
• Kim kicks things off by stressing how having familiar and loyal team members doesn't mean that they're ready and capable of leading your practice into the next chapter.
• "Am I choosing my successor with clarity or with comfort?" This is a key question Kim believes advisors should ask themselves.
• Many advisors assume they already know who their successor will be.
• Tyson talks about what typically leads to that assumption, as well as the oversight on the founders' part.
• As Tyson points out, many advisors forget that their successor may need to be more than just one person – because you're wearing so many hats.
• Kim highlights how performance and leadership potential shouldn't be confused with each other, while Tyson notes how a "caretaker" may be a better candidate for succession than a "rainmaker."
• Tyson and Kim touch upon what a founder can do to challenge their own assumptions about finding their own bias.
• Tyson opens up about an approach he has used to empower team members.
• "The growth we've had in our firm is when we started hiring people and giving them the opportunity to screw things up," says Tyson.
• Decisions being made in distress, too many mistakes being made, and not having enough trial and error are some of the reasons why many founders can't exit the business.
• Never forget: "succession takes time."
• Oftentimes, leaders aren't the ones who have the title, rather it's those who lead.
• Tyson and Kim unpack the S.P.A.C.E. acronym.
• As a founder, you may be mistakenly believing that everyone in your team knows what the succession plan is.
• Tyson shares what it means to share what the succession plan actually looks like from a group perspective.
• Kim stresses how doing nothing is still a decision for your business.
• Weekly goal: ask "Who do you think could lead the business without me?" to at least two people in your network.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

What if succession wasn't the end of the road, but the start of something greater? In this episode, Tyson Ray and Kim Cochenour sit down with Bryan Sweet of Sweet Financial to uncover the lessons from his 47-year journey.

Hear about how early planning, team buy-in, and focusing on your unique abilities create a smoother transition – and how to approach succession not just as an exit, but as an opportunity for growth, freedom, and lasting impact.

• Tyson Ray and Kim Cochenour explore successful succession, the importance of team buy-in, and exiting into opportunity with Bryan Sweet.
• Bryan starts the conversation by sharing the story of his 47-year journey in business, stressing the difference between working in a financial advising firm and owning one.
• Tyson goes through each letter of the S.P.A.C.E. acronym: See, Plan, Act, Commit, Exit.
• For Bryan, success expands exponentially when advisors realize that they should spend as much of their time in their unique abilities and get others to do what they're really great at.
• Bryan lists the tools and resources he and his team have used to help cultivate the next generation of leadership.
• Having complete flexibility in what they could do for clients is one of the main reasons why Bryan and his team went to their own RIA.
• Kim stresses the importance of having buy-in from your team.
• Bryan and Tyson go into the pros and cons of changing custodians in business.
• For many, succession is "the end of the road" but not for Bryan, who sees it as a new beginning – he tells more about the perspective he's gained after doing an internal succession.
• In 47 years, it's the first time that Bryan feels as if he has every piece of the puzzle for his team and clients… He explains why that's the case.
• Thinking about succession? Bryan has a specific recommendation on how to approach it and look at the future.
• When it comes to succession, "You want to do it once, as right as you can", says Bryan.
• Starting early and doing things in thorough fashion are key elements of a successful succession.
• Tyson illustrates how looking at what the future holds isn't about exiting into nothing, rather exiting into something, a new opportunity.
• Bryan talks about what he had to do differently, from a preparation standpoint, when it comes to legal documents and structural changes when he was ready to make the change.
• If you do things well, your clients will feel like friends – this is something that will also lead you to improve your overall business performance.
• Tyson recently heard that a financial advisor's fiduciary duty is to introduce the client to the successor, to the next generation advisor who's going to take the place for the peace of mind of that client.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Bryan Sweet on LinkedIn

Sweet Financial