The financial services industry is changing fast. Advisors are getting older, clients are living longer, and firms are trying to balance growth with stability. Many financial planners focus on helping clients prepare for retirement, but forget their future.
That’s where proper planning becomes essential. Succession planning in financial services isn’t just about finding a replacement. It’s about protecting relationships, keeping promises, and ensuring that years of hard work continue to serve people well into the next generation.
Joseph Curry B.Sc., CFP, and CEPA is a Certified Financial Planner and Chartered Professional Accountant based in Peterborough, Ontario. He is also the founder of Retirement Planning Simplified and brings extensive expertise in helping individuals and businesses navigate retirement planning.
After starting his career with his father’s firm, he took over another advisor’s business through a structured succession plan. Today, he runs his firm focused on helping small business owners prepare for retirement or a smooth exit.
Joseph also holds a Certified Exit Planning Advisor (CEPA) designation and hosts two podcasts that simplify financial and succession topics for everyday people.
His approach blends clear strategy, education, and evidence-based investing to help clients understand the real value of their business and gain control over their future.
In this Episode, we’ll explore how Joseph built his path to leadership and what lessons others can learn from it. You’ll see how thoughtful structure, open communication, and smart timing can turn succession into an opportunity, not a struggle.
How Joseph Curry Built His Path Toward Succession Planning in Financial Services?
Succession planning in finance isn’t only about numbers. It’s about timing, trust, and knowing when to move forward.
Joseph Curry’s journey shows how a thoughtful approach can turn early lessons into real value for clients and business owners preparing for retirement.
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Early Motivation and Entry into Finance
Joseph’s interest in finance started during the dot-com crash. He watched his father, a financial planner, stay calm while helping worried clients through tough times.
That moment showed Josep what real financial advice looks like. It’s not about chasing returns. It’s about helping people feel secure.
In 2011, Joseph joined his father’s Toronto practice. At first, he focused on insurance sales and retirement accounts.
It paid the bills but didn’t feel complete. Over time, he wanted more, real planning, long-term results, and deeper client trust.
Building Independence and Finding the Right Fit
By 2015, Joseph needed space to grow. His father wasn’t ready to retire, so Joseph started looking for another advisor who was nearing retirement.
Through his network, he met a planner ready for succession. They worked together for about two years, meeting clients and testing the fit. By 2017, the deal was complete, and Joseph took over the practice.
From Active Management to Evidence-Based Investing
Joseph began with traditional mutual funds but soon noticed that most had failed to beat the market. That realization pushed him toward evidence-based investing, which focuses on:
Letting markets work efficiently.
Spreading investments across the world.
Aligning portfolios with each client’s goals and risk comfort.
Structuring the Succession Deal
The company’s value was frozen at the time of transition. The senior partner kept preferred shares, while Joseph earned new ones tied to growth.
Both drew salaries, and Joseph used profits from the new business to buy the rest. This approach made the handover fair, transparent, and rewarding for both sides.
How to Build a Solid Buyout for Succession Planning in Financial Services?
A good buyout plan keeps ownership changes simple and steady. It’s about structure, trust, and progress that feels natural for everyone involved.
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Structuring the Buyout
A clear plan always works best. Start by earning part ownership through results and effort. Then use a short-term loan to buy the rest.
Set a fixed timeline, five years is a good target, to stay focused. Include clear terms for buying or selling shares and an exit plan to avoid confusion later.
This structure keeps things fair. The seller still earns value while the buyer grows into full ownership. It’s not about quick wins but about building something that lasts.
Managing Change with Clients
Any business shift brings questions, especially from clients. The answer is simple: communicate early and often.
Explain new ideas in plain language and show why they help. Regular updates keep trust strong and make clients feel part of the process.
Use consistent touchpoints like:
One-on-one meetings to walk clients through the new plan.
Annual webinars to review and explain updates.
Quarterly newsletters to share progress.
Short videos when markets or strategies change.
When clients see clear logic and steady communication, they stay confident.
Balancing Experience and Innovation
Transitions often mix old habits with new energy. The key is balance. Keep what works, improve what doesn’t. Upgrade systems and simplify how clients connect, but avoid change just for the sake of it.
Open talks between the old and new leadership help align goals. The process runs smoothly when everyone focuses on what’s best for the client.
A buyout isn’t only about money. It’s about continuity, clarity, and building trust that carries a business forward.
How to Build a Modern Firm During Succession Planning in Financial Services?
A successful firm today balances flexibility with structure. The engine is running through hybrid work, clear systems, and steady client communication.
Use simple tools, set firm routines, and stick to them. That’s how you protect focus and deliver dependable results.
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Building a Hybrid Work Model
Hybrid work helps teams stay focused and connected. Use each setting for its strengths.
Office time should be for meetings, teamwork, and client visits.
Remote work fits deep-focus tasks like planning or analysis.
Secure laptops and reliable cloud tools keep data safe. Clear rules for availability prevent confusion.
This setup cuts noise, saves commute time, and lets you serve clients beyond your city. Moreover, it gives people the space to do their best work.
Managing Staff During Change
Change tests a team. Some adapt, others dig in. Document every key process so knowledge doesn’t sit with one person. Train those who want to grow, and set clear expectations for everyone.
If someone blocks progress, act fast and fair. Budget for transitions, then move on. That said, keep lines open and give feedback often so good people stay.
Keeping Client Confidence
Clients want stability when your firm evolves. Tell them what’s changing and why. Be proactive:
Send short, clear updates through email or newsletters.
Host webinars or Q&A sessions for new policies or strategies.
Keep in touch through brief check-ins with key clients.
This rhythm shows control and care. It also reduces surprise calls and last-minute fire drills.
Making Education a Core Strategy
Teaching builds trust. Share simple, useful guidance through newsletters, short videos, or podcasts. Use plain words and real examples.
Explain choices, results, and next steps. Clients who understand your method stay longer, refer more people, and confidently follow advice.
Why Exit Planning Should Start Early in Succession Planning in Financial Services?
Exit planning isn’t just for people about to sell their business. It’s about having choices. When you know what your business is worth and where it’s heading, you can decide how and when to step back. That’s real freedom.
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From Retirement Planning to Business Exit Strategy
Many owners expect their business to fund retirement, but few check its true value early on. Some find out too late that it’s worth less than they thought or is not even sellable. That’s a tough wake-up call.
A good exit plan focuses on two simple things:
Know Your Current Worth: Get a clear picture of your business’s value. Look at cash flow, systems, and long-term stability. Don’t rely on gut feeling. A proper valuation shows where you stand and what needs fixing.
Increase Value Over Time: Focus on what drives value, steady revenue, loyal clients, and a team that can run without you. When your business works without constant oversight, it’s no longer a job. It’s an asset.
This mindset shift takes pressure off and helps you plan with confidence.
Educating Business Owners Through Media
Education changes everything. Sharing insights through podcasts, YouTube, or webinars helps business owners understand real planning.
Topics like valuation, succession, and exit readiness become less intimidating when explained in plain language. It also builds trust and attracts clients who value learning over quick sales.
Rethinking What Exit Planning Means
Exit planning doesn’t always mean selling. It might mean passing leadership to your kids, employees, or a successor.
The point is to build a business that runs smoothly with or without you. Once that happens, you’re no longer tied to the work; you control what comes next.
Conclusion
Succession planning in financial services isn’t just about passing a business to the next person. It’s about keeping trust, structure, and long-term value alive.
Joseph Curry’s journey shows how the process works best when you start early, stay clear about goals, and keep communication open. Planning gives you control, not pressure. It helps you choose when to step back, who takes over, and how your clients stay supported.
Good succession planning isn’t only about the numbers. It’s about people. You need a fair deal, honest conversations, and a shared vision.
When the outgoing advisor supports the new one, clients stay confident. Both sides win when the plan is structured around growth and shared purpose.
Exit planning fits into this naturally. If you know your business’s real worth and what drives it, you can make smarter choices. A well-prepared firm doesn’t lose direction when ownership changes. It keeps serving clients with the same care and consistency.
That’s the heart of succession planning in financial services; it’s not a handoff. It’s a smooth transition that protects value, builds trust, and gives everyone clarity about the future.
In the end, planning early turns uncertainty into freedom and keeps a business strong long after its founder steps aside.
FAQs
Why is early Succession Planning in Financial Services important?
Starting early gives you time to prepare financially and emotionally. It helps build a smooth transition plan, train future leaders, and protect client relationships. Waiting too long can create stress and limit your options.
How long does Succession Planning in Financial Services usually take?
It often takes three to five years. You need time to structure the deal, test compatibility with the successor, and ensure clients feel secure through the change.
Who should be involved in succession planning for financial services?
Include your successor, legal and financial advisors, and key team members. Everyone should understand the plan, their roles, and the timeline.
What are the common mistakes in Succession Planning in Financial Services?
Starting too late, ignoring valuation, and not involving clients early. Also, rushing the transition can damage relationships and trust.
How does technology help in Succession Planning in Financial Services?
Modern tools streamline client management, data transfer, and communication. They keep operations smooth during transitions and maintain client confidence.
