Are You "Inheriting" a Financial Planning Practice? Here is Your Marketing Plan

6 days ago
5 min read

In the financial planning world, there is a lot of conversation that happens around inheritance. I know because I write about it a LOT.

But there is also another type of inheritance that seems to be trending in the financial world: practices that are being handed down to the next generation of financial planners.

A parent is slowly exiting the financial planning practice and leaving it to their adult advisor child to run, per an agreement they've reached together. They still have their hand in things, but a full exit is going to happen at some point.
An adult child has bought or is in the process of buying the parent's book of business.

In either case, revamping and relaunching the business can be tricky for the person succeeding the parent: they want to do things "their way" but to completely rebrand can feel like a slap in the face to the person who has spent their entire life building the business.

Not only that, but the new advisor is inheriting a book of business that may or may not be their ideal client. For example, your dad may have built his business through golfing buddies on the course, but your dream is to work with newly widowed women. This can be a difficult (and confusing) transition.

First, let's talk about HOW you can have these conversations around rebranding the business.

1. Start With Honor, Not Change

Instead of: “We need to update the brand.”
Try: “I’ve been thinking about how to protect what you built for the next 20–30 years.”

Follow with:

“What are you most proud of in the firm?”
“What do you hope people always say about this business?”

This anchors your conversation, putting legacy first and letting them know that you value what they've created.

2. Separate Core Values From Surface Presentation

Say: “I don’t want to change what we stand for. I want to make sure the way we present it still connects with the next generation of clients.”

This helps them feel like you’re updating the packaging, not the substance.

3. Use Market Reality — Not Personal Preference

Avoid: “I think the website feels outdated.”
Instead: “When people my age look for an advisor, they research online first. I want to make sure we show up in a way that earns trust immediately.”

This puts the blame on consumer behavior, technology shifts, search trends, and demographic changes - not their taste.

4. Frame Ideal Client Shifts as Expansion, Not Replacement

Never say: “We need younger clients.”
Instead: “You built incredible loyalty with retirees. I’d love to build a pipeline of 40- and 50-year-olds so the firm stays strong long-term.”

You’re not abandoning their clients. You’re future-proofing the firm.

5. Clarify the Time Horizon

Ask:

“How long do you see your name being the primary brand?”
“When would you want clients to see this as my firm?”
“Do you envision a gradual transition or a clear handoff?”

Marketing changes should match succession timing. If they’re staying involved, radical shifts feel threatening. If they’re exiting fully, evolution feels logical.

Now, let's talk about taking a phased approach to your marketing.

PHASE 1: Tweak the Website

If your parent is still going to be around, consider getting new professional photos taken of the both of you to show that you're working together.
If your ideal client is different from your parents', gently mention that in your bio - who you like to work with, etc.
Consider creating a page on the website that talks about your services for that ideal client and changing a little of the language throughout the website to include that.
Make an official announcement through your email marketing about what's happening. You need to be as transparent as possible about any changes that are happening so clients do not feel blindsided or uncertain.

PHASE 2: Shift the Branding

If the logo feels outdated to you, talk to a graphic designer. Maybe there's a way to keep the same look and feel - just give it a modern flair?
- If you're ready to take this step, remember that all letterhead, business cards, and marketing collateral should be changed as well. But if you have a graphic designer you like, now's the time to do it!
This is also when you need to think about your branding colors. Do you like the main color, but would like to add some pops of different colors throughout? This can sometimes be an easy change with the website you already have. No need to completely re-vamp everything - yet.
Do you need to change some of the pictures on the website to reflect who you work with?
How close is your parent to retiring? Is it time to move them down on the team page and indicate that they're maybe just consulting at this point or their title within the firm has changed?

PHASE 3: Rip Off the Band-Aid

Now it's time to make the business your own - and this is usually the hardest part. After all, you've inherited or purchased a book of business. You don't want to alienate those clients - but you DO want to bring in some new business.

First, if you need to completely overhaul the website, now is the time to do it. Often, people are left with websites that are out of date, and it's time to just start from scratch.
Really think about YOUR process, not your parents' and include that on the website.
Have fee structures changed? Are you grandfathering in an old system for existing clients, but introducing something new for the incoming clients? Communicate that to your existing clients.
Don't be afraid! What if you want to target divorced women...and one of the clients you've inherited has a daughter going through a divorce? This could be an opportunity for you.

CLICK HERE to read more about how to change your marketing message without losing the clients you've inherited.

Inheriting a financial planning practice can be a delicate balancing act. You're getting a business that has functioned well for years, but needs a tune-up (and maybe a complete overhaul).

Bringing in a third-party marketing consultant could be your answer. Just like you provide your clients with an excuse - "Sorry, kid, I can't fund your latest venture because my financial advisor won't allow it" - a marketing consultant can do the same: "Yes, Dad, my marketing consultant says our website won't show up in an AI search so we need to make changes."

Ready to get started? CLICK HERE and let's talk about making a plan that works for your new business.