Emily Chiang, CFP®, MBA

EMC Succession Planning
Affiliated Chapter

Session Title:  A Step-by-Step Succession Planning Process and Procedure


The concept, the methods used and the need for succession planning are universal to all sole proprietor business owners.   For example, aging bakery and restaurant owners, dentists, lawyers and CPA/tax advisors who are sole proprietors all share identical need for succession planning.

Presently, many sole proprietor financial advisors who have spent their lifetime helping clients to retire comfortably are on the verge of embarking towards their own retirement.  They are also business owners facing the same challenges as their business owner clients. But, most of the financial advisors are reluctant to address the issue of succession planning for a variety of reasons.  For example: Finding the right person to take care of their clients is a complicated, difficult and emotional process.  In addition, it forces them to think about what they should do during their own retirement, their legacy and the unpleasant issue of mortality.

SEC and state regulators are in the process of developing rules and regulations that would require financial advisors to establish business continuity and/or succession plans if they decide to retire, become sick or die prematurely.  Therefore, succession planning becomes even more critical for sole proprietor financial advisors.

As mentioned before, sole proprietor financial advisors and their small business owner clients have very similar, if not, identical succession planning goals and objectives.  Having a strong command of the nuts and bolts of their own succession planning, should enable sole-proprietor financial advisors to transition their business in an orderly manner and effectively advise their business owner clients to the same issue.

About Emily:

Emily M Chiang, CFP®, MBA

Emily had 25 years of career in financial planning and investment management and 35 years overall in the financial services industry. After a very gratifying career, Emily sold her practice by herself in 2013.  After she completed the transition in 2014, she wrote "Selling Your Financial Advisory Practice, A Step-By-Step Workbook." Since 2015, she has been serving as a co-host with FPA Knowledge Circle Business Success webinar program. In 2016, Emily created her succession planning course (1 CFP CE) based on her workbook.  In January, 2017, Emily received “Planner of the Year” award from FPA National Capital Area (FPA NCA) to recognize her work on succession planning.  From June, 2017 to May, 2021 Emily was a member of Journal of Financial Planning Editorial Advisory Board. She presented her succession planning course at 2019 FPA annual conference and numerous FPA chapters. In October, 2022, Emily presented her succession planning course at Ed Slott’s Elite IRA Advisor Group Workshop.  She is a member of FPA Speaker Directory.

Contact information: Emily@EMCSuccessionplanning.com