Strong succession planning starts early: A case study

Succession planning is a challenge many financial advisors put off until it’s too late, and this often leads to rushed transitions and missed opportunities for growth. Here’s the story of the approach our firm is taking to succession planning.

At FSM Wealth, our senior advisor and managing director Brian Heckert has taken a proactive approach instead of waiting until the final years of his career. Recognizing the importance of preparing well in advance, he is carrying out a gradual strategy designed to position his successors, and the firm, for long-term success. This approach not only safeguards the business but also ensures clients continue to receive consistent service throughout the transition process.

Start early

For Brian, succession planning began long before any retirement date was in sight. “If you don’t plan to sell by 55, you’ll likely give it away by 65” is a motto he has shared with clients across industries for many years. In financial services, the lesson is even more critical, as many advisors turn their practice into a lifestyle business and may try to bring in a successor without ever fully handing over responsibilities to them.

Brian has seen the consequences of delayed planning, including lost clients, operational disruptions and decreased business value. Over the years, Brian’s firm acquired about 18 others, and he observed that transitions were most successful when they began early. With that in mind, Brian was 47 when he brought a partner into the firm. Leo Barczewski was hired in 2008 and soon became an equity partner. As the firm continued to grow, Brian’s sons, Michael and Brandon, joined the business well before Brian stepped back from day-to-day control. Together, the ownership team built a transition process aimed at avoiding the collapse that they saw other firms experience. 

Building a smooth transition 

It’s common in the financial services industry for advisors to delay succession planning until they are ready to leave, and this often results in a rushed and less-
effective process. The Heckerts took a different approach. By bringing Michael and Brandon into the business well in advance, Brian created the opportunity for responsibilities to shift gradually, giving each of them time to learn, grow and establish themselves with clients and colleagues. 

“One of the best things about when we started working together was that Brian gave us the autonomy and the ability to do our own thing with some of his clients,” Brandon recalled.

Michael added that titles alone do not create a true succession plan. For a transition to succeed, the original business owner must delegate key responsibilities such as running the business and managing employees. Brian quickly introduced those responsibilities to each of the new partners. This allowed Leo, Michael and Brandon to gain experience, build credibility and develop their own roles while focusing on different aspects of the business without overlap.

Accepting that things might be done differently is also a vital part of succession, Michael said. “Having a new point of view is often refreshing and good not only for the new business owners but also for the clients, who benefit from a different perspective. The important part is communicating those changes clearly, so staff and clients feel confident in the direction we’re heading.”

Testing the plan 

The five years that led to Brian’s becoming president of the Million Dollar Round Table kept him out of the office for long periods of time. This gave members of the firm an opportunity to put the succession strategy into place. Many advisors only hand off “problem clients” without giving successors responsibility for owner-level decisions such as payroll. But Brian’s travel schedule created an opportunity to hand over those duties in a meaningful way, which ultimately strengthened the business. 

During that same period, the firm embraced digital tools before it was common in the industry, and this helped fuel growth. They adopted eMoney, a financial planning software that gave clients deep insight into their finances. 

The partners also shifted more than 80% of client meetings to Zoom, making the business more flexible and accessible. Brandon recalls that the business not only maintained momentum but even expanded while Brian was away because he empowered others to take ownership. “That’s been our experience as we’ve brought in associate advisors, given them responsibility and seen them grow along with the business,” Brandon said.

Letting go and embracing change

Even with a strong plan in place, stepping back is still an adjustment. Brian recalled returning to the office and sitting down for a client meeting expecting a printed fact-finder, only to find that everything had gone digital. At first, he admitted, it was difficult to accept, but he came to see it as proof that the plan was working and that the business could thrive without his constant involvement.

“I could either become the catalyst for growth or I could become the impetus for negative growth,” Brian said. By choosing to embrace new processes and technology, he helped ensure the team could continue moving forward with confidence. 

Trust, communication and family dynamics 

For the Heckerts, trust and communication remain central to their succession story. Michael said they keep work and family roles separate, even when business comes up at family events. Brandon added that they speak multiple times a day about ideas and operations, agreeing early on to keep everyone informed when making business decisions.

Brian believes that this open, collaborative approach has been a key to their success and has even encouraged other father-son teams to consider working together. 

Our firm’s experience exemplifies how succession planning is not a single event, but a long-term commitment. By starting early, sharing responsibilities and embracing change, we created a structure that allows the next generation to lead with confidence and encourage growth. Our approach demonstrates that thoughtful, long-term planning not only strengthens the business but also enhances the value and service delivered to clients.

Brian Heckert, CLU, ChFC, AIF, is the founder of FSM Wealth. He is a 37-year MDRT member and past president of MDRT, and has earned 18 Top of the Table qualifications during his career. Contact him at [email protected]. Michael Heckert, AIF, is a senior advisor at FSM Wealth and a two-year MDRT member with Court of the Table status. Contact him at [email protected]. Brandon Heckert, CFP, AAMS, is a senior advisor at FSM Wealth and an eight-year MDRT member with four Top of the Table qualifications. Contact him at [email protected].