With advisers considering how to make their businesses last not just for their own lifetimes but also for succeeding generations, having a clear-cut plan to pass the baton is a business necessity.

Even more than that, it is becoming a regulatory imperative for business owners to define and clarify how their clients will be handed on to the next generation of financial advisers, whether that is selling the firm or keeping it independent.

This week, Keith Richards, chief executive of the Personal Finance Society, and Paul Morrish, main board director of Succession Holdings, talk to Financial Adviser editor Simoney Kyriakou on the dos and don'ts of succession planning for advisory firms.

The FTAdviser Podcast is the weekly podcast for financial advisers, brought to you by FTAdviser.com.

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