New AssetMark Program Educates Advisers About Succession Planning

AssetMark Inc. introduced a program this week to provide education and guidance about business continuity planning throughout the entirety of an adviser’s career.

According to the adviser technology provider, its Ascent program gives advisers tailored training and resources designed to help them plan for succession and ensure the continuity of their businesses, while also aligning with their personal goals and retirement plans.

The program features a range of training mediums, mentorship opportunities and events. Ascent’s training provides advisers with a variety of skills—including allowing future advisers to learn about client experiences and coaching seasoned advisers through the emotions of letting go of their practice.

All of the offerings are structured across three key stages:

• Embark for Future Advisors: A six-month program for advisers new to the industry;
• Advance for Successor Advisors: A year-long program for next-generation adviser leaders and successors; and
• Summit for Established Advisors: A four-month program for advisers who own their practice and those approaching exit.

Succession planning has become an increasingly urgent issue for financial advisers, many reports have shown. The U.S. wealth management industry faces a “looming” adviser shortage, which could reach as high as 110,000 by 2034, according to a report from consultancy McKinsey & Co. Cerulli data also reinforce this challenge, noting that 72% of new advisers leave the profession shortly after entering.

“AssetMark works with thousands of financial advisers who bring up succession planning time and time again as an area where they need greater support,” said Matt Matrisian, AssetMark’s head of client growth, in a statement. “This is why we developed Ascent—to help advisers start their careers with succession planning in mind while providing guidance to more experienced advisers ready to exit their practice, ensuring a smooth process through the entire lifecycle.”