Many firms believe that their reputation, expertise, and history will help them sustain their client base even after key partners retire. In an industry that relies so heavily on personal relationships, this is a dangerous assumption to make.
Succession Planning
To help ensure client retention, firms need to put in place a long-term, multipronged client transition plan at least two years before a partner's retirement. With the eldest of the baby boomers turning 65 in 2011 that means such planning must begin now.
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