The process of succession planning is difficult enough, but the transition from generation one to generation two of managing an advisory business can be even more challenging. Having different values, goals, and priorities, how can the two generations of advisors make the transition successful?
In this episode, Steve talks with Aaron Terwedo, Vice President of Financial Planning at TFS Advisors. After completing his military career, Aaron wanted his civilian life to reflect one of his deeply held values – serving and helping others. He intended to work with Terwedo Financial Services while he worked his way through his law enforcement program, but spending time with clients has led him to find a different way to make an impact.
“Getting clients comfortable enough to share things they don’t share with many people is very important in financial planning. The more we know about our clients, the better we can serve them.” ~ Aaron Terwedo
As a gen two advisor, Aaron talks with Steve about the challenges he had to overcome in transitioning from his gen one father, the three main principles that are important to both gen one and gen two advisors, and the importance of agreement on principles to find common ground and consistency from one generation to the next.
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Managing Director, Advisor Relations with Buckingham Wealth Group. For 25 years Steve has helped advisors get into the RIA space and/or helped them grow by developing and sharing a variety of client experience best practices. Steve was an original architect of Buckingham’s Design Build Protect client experience process along with the Life Discovery and Feedforward programs. Steve is also an author of The Wealth Solution and 27 Principles Every Investor Should Know. Steve is a graduate of the University of Nebraska at Omaha with a Bachelor’s in Finance and Investment Banking. Steve currently splits his time between Omaha, NE and Edwards, CO with his wife and three daughters.