Effective planning doesn’t have to be daunting, but it does require having the right advisors and a deliberate strategy. Here are essential steps to consider.

When firms wait too long to plan, they often have no choice but to hire externally. That can be damaging at the management level, both culturally and operationally. It also sends a message to employees that there’s only so far they can go, and that’s discouraging.

Like every person in the world, I was never going to do what my parents did ... Clearly, that did not work out.'

The implications to taxes, hiring and the very legacy of a financial advisor's career demand much more formal documentation than most RIAs have undertaken, experts say.