The concept of an effective succession plan stands as a testament to foresight and strategic execution. In a recent episode of The Advisor Mentorship Podcast, Jeremy Hauser has a chat  with Colleen Bowler, CFP®, a seasoned professional with over 25 years of experience in the financial services industry. This episode dives into the intricacies of a successful succession strategy and the transition from “I” to “We” in business.

Understanding the Importance of Succession Planning

Colleen Bowler’s career is a masterclass in adaptability and strategic planning. Her journey from starting in the industry out of necessity to becoming a prominent figure with a thriving planning firm exemplifies resilience. According to Colleen, one key to her success was shifting her mindset from focusing solely on individual contributions to leveraging the collective strength of her team. This shift not only facilitated her firm’s growth but also laid the foundation for a successful succession plan.

The Power of ‘We’

A pivotal moment in Colleen’s career was the transition from “I” to “We.” Initially driven by the need to prove her capability, Colleen realized the power of collaboration. She shifted the narrative from personal capability to team capability. Colleen emphasizes that clients are more interested in their needs being met than in who completes the task. By fostering a team-oriented approach, Colleen was able to enjoy greater flexibility and personal time while maintaining the high standards of service her clients expected.

Advice for Advisors Considering Succession

Colleen offers invaluable advice for advisors contemplating their succession plans. She stresses the importance of having a death and disability plan in place, highlighting that even as advisors advocate such plans to clients, they often overlook their own needs. Furthermore, she encourages advisors to be curious and forward-thinking. Whether aiming for more family time or embarking on a new venture, it’s crucial to have a clear vision to guide the transition.

Building the Right Team and Client Trust

Transitioning from “I” to “We” involves more than hiring the right people; it necessitates placing trust in them. Colleen underscores that creating a team around your clients not only improves service but also establishes a smooth succession process. Her practical approach of ‘dating’ potential successors ensured alignment with her firm’s values and objectives, making the eventual transition seamless.

Life Beyond Succession: C&J Innovations

After successfully implementing her succession plan, Colleen co-founded C&J Innovations. The company focuses on helping advisors engage clients through non-financial conversations, addressing mindsets and personal goals. These qualitative assessments build deeper client relationships, aligning with the evolving role of financial advisors as life coaches.

Colleen Bowler’s story is an inspiring narrative of personal and professional growth. Her journey from advisor to a successful entrepreneur and strategic coach demonstrates the transformative power of effective succession planning. By embracing change, fostering collaboration, and maintaining clear vision, financial advisors can build a legacy that extends beyond their active involvement in the business.