When buyers evaluated Tyson Ray's practice in 2024, they asked one question: "What happens to client trust if you're not there?" That's where branding and succession planning often collide.

Tyson and Kim Cochenour sit down with marketing expert Mike Saunders to explore how brand equity determines your exit value and why your brand drives your succession planning decisions.

You'll discover the positioning mistakes that create founder dependency and how to build a brand that transfers client trust beyond the founder.

• Tyson Ray and Kim Cochenour sit down with marketing expert and author Mike Saunders to discuss the importance of brand equity for advisors and the role it plays in succession planning.
• In 2024, Tyson was in real conversations about selling his practice. When it comes to branding, buyers really asked one question: “What happens to a client’s trust if you’re not there?”
• In other words, the focus of the investors was on evaluating founder dependency.
• Tyson touches upon the fact that realizing how important your brand is will drive some of the decisions on what, who, and how you do a succession.
• Mike brings up the concept of positioning – what you’re known as, what your prospect thinks of you as – and the importance of articulating your solution in your messaging.
• Tyson shares his thoughts on branding and marketing within his firm, and how it has contributed to its growth.
• “The biggest mistake you make as an advisor is not getting advice," says Tyson.
• In his experience working with the financial services industry, Mike has identified seeing marketing as an expense and not doing it consistently are two of the big traps advisors fall into.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson’s book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients’ Interests First

MikeSaunders360.com

Mike Saunder’s books on Amazon

JPMorgan Chase

Advisors have more options than ever when it comes to succession planning, but those options only work when you start early and bring the right people into the conversation.

Kim Cochenour shares insights from various industry experts to help ensure your exit isn't rushed, reactive, or forced.

You'll hear why modern "rainmakers" focus on serving rather than selling, and why being methodical about your own succession planning makes you more attractive to clients with their own continuity and legacy concerns.

• In this episode, Kim Cochenour shares insights from a few conversations with the goal of helping you understand what needs to be done so that your exit isn't rushed, reactive, or forced.
• Aaron Hassler points out that both buyer and seller want their transaction to be accretive to their businesses.
• That's why educating yourself and having conversations with different people can help you understand what succession plan best fits you and your clients.
• "Advisors have more options than ever when it comes to succession," stresses Kim.
• However, those options only work when you start planning early and bring the right people into the conversation.
• Jackie Wilke explains why the concept of "rainmaker" needs to be redefined in today's financial advisor industry.
• "There's a way to reposition the rainmaker as business development. You're growing, not because you're selling something, because you're serving someone," she says.
• Tyson refers to modern rainmakers as "relationship managers," which are different from what was depicted in Hollywood movies in the '80s and '90s.
• Duncan MacPherson describes the progression the best firms go through.
• Remember: The financial professional who is methodical about their own continuity and succession plan becomes even more attractive to clients who have their own continuity, succession plan, and family investment legacy.
• Kim stresses that the industry is changing: advisors are retiring, and the next generation is approaching the profession very differently.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Aaron Hassler

Spruce Rock Capital

Jackie Wilke on LinkedIn

First Trust

Duncan MacPherson

In the era of industry consolidation, many advisors have turned their firms into a "joyful prison," and succession planning is the key to breaking free on your own terms.

Tyson Ray and Kim Cochenour sit down with Charles "Chuck" Failla to explore why taking a private equity check means trading 30 years of hard work for a boss, and what advisors need to consider before signing with a mega RIA.

You'll discover why succession planning can be what you want it to be, unless you wait too long — then it gets dictated to you.

• Tyson Ray and Kim Cochenour explore the topic of succession in the era of consolidation with guest Chuck Failla.
• Failla kicks things off by sharing more about how he got started in the business, how Sovereign Financial Group came to be, and their approach to growth.
• For Failla, the current state of the industry will lead to the creation of a "breakaway" breakaway movement.
• Tyson explains why many advisors refer to their firm as their "joyful prison."
• "I did not work this hard for 30 years to now have a boss, that makes no sense", says Chuck. "However, if you take that private equity check, you now have a boss…"
• Remember: the private equity folks will not sign a contract unless it's absolutely tilted toward them.
• Chuck touches upon how Sovereign Financial helps advisors see things from a different perspective.
• There are things to consider before a founder signs a letter of intent with a "megapolis" RIA – Chuck shares more about that.
• Tyson believes that "The joy of being an entrepreneur is the freedom to delegate and elevate yourself, let other people step into their unique abilities."
• Never forget that "succession can be what you want it to be unless you wait too long… then, it's going to get dictated to you," stresses Tyson.
• Tyson is an advocate for exploring different options as a founder.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Chuck Failla

Chuck Failla on LinkedIn

Sovereign Financial Group

Wolf of Wall Street

Raymond James

AdvisorAssist

Chuck Failla's goRIA podcast

Investment News

You might be really successful, but if you have success without succession planning... you're failing.

Tyson Ray and Kim Cochenour reveal why thinking about legacy is essential for advisors at every stage, how your legacy lives within your firm's culture and team, and the critical question to ask yourself: "What will people say about me when I'm done?"

You'll discover why starting your journey with the exit leads to regret and why your practice might be your life's work, but your legacy gets to be bigger than that.

• In this episode, Tyson Ray and Kim Cochenour look at how advisors should want to be remembered.
• Tyson explains why he believes that thinking about legacy is key for all advisors, especially those starting out.
• "You might be really successful, but if you have success without succession… you're failing," says Tyson.
• For Kim, the legacy you're trying to build lives within the home of your firm, it shows up in team culture.
• Tyson touches upon a key question every advisor should ask themselves – and that affects them, their team, and clients.
• Tyson opens up about an exercise he uses for planning and for having planning-related conversations with his family.
• Want to design your legacy with intention? Ask yourself, "When I'm done, what are my clients and people I love going to say about it?"
• Tyson believes that advisors are too late only if they believe that that's a reality for an outcome they can still change.
• When it comes to the S.P.A.C.E. framework, for Kim, many advisors avoid the Seeing part because it's the hardest step for them to take.
• Did your journey start with the exit? Beware, because there's a very high likelihood that you're going to regret how you exited.
• "Your practice might be your life's work, but your legacy gets to be bigger than that," stresses Kim.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Nick Murray

Industry consolidation is unlike anything we've seen before, and if you're not watching closely, your succession planning won't matter because you'll get caught in the chaos.

Tyson Ray and Kim Cochenour reveal why the longer you wait for succession planning, the fewer options you have, and how consolidation is eroding advisors' negotiating power and their understanding of what their practice is actually worth.

You'll hear more about the common misconceptions founders have about what aggregators look for, when the value of your firm actually increases, and how solo advisors will lose clients to AI-powered teams if they don't act now.

• This episode starts with a warning from Kim Cochenour: "Consolidation is unlike anything we've seen in the industry. If you're not watching closely, your planning is not going to matter because you'll get caught afloat in this mess."
• Tyson Ray touches upon the different approaches founders may have: Not paying attention to the industry because they're too busy, some who are exploring their succession planning options, and others who have thought about it but are yet to act.
• Ask yourself whether you have done the things that are needed in regards to your succession.
• Remember: the longer you wait for succession, the more important it is… but the less options you end up having.
• Tyson believes that, as the industry grows, those who are running the show on their own will lose clients to firms that rely on teams using AI.
• Tyson and Kim discuss whether advisors are losing their negotiating power because of industry consolidation.
• Kim points out that advisors are losing out on the idea of what their practice is actually worth because they can't quantify what that actually means.
• Many founders have misconceptions regarding what aggregators and integrators actually look for – Tyson shares the most common ones.
• Did you know that some advisors think that they are where the value sits? They are wrong, says Tyson, because the value of a firm increases as the owner's responsibilities decrease.
• Tyson and Kim go over what it looks like, to a client, when they deal with a better prepared firm.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Succession planning doesn't start with finding a successor… It starts with defining your vision and inviting your G2 to co-create the future of your firm.

The mother-daughter duo of Bridget Venus Grimes and Marnie Bonner of WealthChoice reveal why soliciting feedback from next-generation advisors is non-negotiable for success and how coaching facilitated their transition.

You'll discover the biggest challenges founders face when searching for G2 talent, why more conversations about succession would prevent fire sales, and what it looks like when your clients prefer your successor as their primary contact.

• This episode kicks off with Bridget Venus Grimes opening up about when succession planning started to become real, while Marnie Bonner touches upon how she ended up at WealthChoice after being in the tech industry.
• Bridget doesn't believe that any succession will be successful if you bring a G2 in and you say, "This is the vision for the firm, and this is what we're going to do."
• Soliciting their feedback and incorporating their vision and passion is key.
• Bridget, Marnie, and Kim talk about the benefits of coaching – including how coaching helps them invite Marnie into the business and start with succession planning.
• You understand that you're doing a good job when, like Bridget, you've been working with a client for 15+ years, but they see your G2 (Marnie in this case) as their preferred point of contact.
• For Marnie, being a G2 can be stressful – she shares the challenges that come with that.
• Bridget brings the role of founders' identity and the disservice that's being made to their clients into the conversation.
• Getting your succession planning in motion doesn't mean that you need to find a successor now, but at least you can start to think about what your vision for your firm and clients is.
• More succession planning conversations would help founders and would generate fewer fire sales.
• Kim highlights that even advisors in their 50s or 60s still have plenty of time to dive into succession planning and avoid being overwhelmed by life catastrophic events.
• Bridget shares her thoughts on being part of the community and how that can help your search for G2 advisors.
• "One of the biggest challenges for folks like me is finding a successor", she emphasizes.
• Despite having a background in health management and non-profit work, Kim was able to enter the financial advising industry – she explains how that happened and why both founders and G2 advisors should keep a similar scenario in mind.
• Marnie and Bridget open up about the 10-year goals for WealthChoice.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

Bridget Venus Grimes

Marnie Bonner

WealthChoice

NAPFA: The National Association of Personal Finance Advisors

Ellevate Advisors

Brooklyn Brock

You'll only exit your practice once… so will you lead it, or will it lead you?

In this interview by Kary Oberbrunner, Tyson Ray pulls back the curtain on why most succession planning conversations miss the mark, sharing the hard-won lessons that led to his book Total Succession and the S.P.A.C.E. framework that keeps clients, team, and your legacy intact.

Discover the critical questions every advisor must ask themselves before the million-dollar offers become a distraction from what you really want, and why treating your clients like family changes everything about how you exit.

• This episode features Tyson Ray being interviewed for Kary Oberbrunner's show.
• Tyson opens up about what led to the writing and publishing of his book Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First.
• One of the key pillars of the book, which is something Tyson feels is missing from the conversation of succession industry-wide, is how to sell your firm while keeping your customers and team.
• Tyson explains why, as he puts it, "There's no perfect succession."
• Remember: figure out what you want before you're trying to turn away millions of dollars that can become a distraction from what you really want.
• Something many advisors seem to forget is that their clients become like family.
• Tyson touches upon the reason behind the world "Total" used in his books and podcast titles, as well as the S.P.A.C.E. acronym (See. Prepare. Act. Commit. Exit.).
• Important reminders: 1) You will exit your practice – the question is whether you will lead it or it will lead you; 2) You only exit your practice once, so you should do it on your terms.
• Tyson lists a series of key questions anyone focused on succession planning should ask themselves.
• The conversation wraps up with a much-needed succession planning reality check.

Mentioned in This Episode:

TotalSuccession.com

TotalSuccession.com/podcast

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First

The Total Relationship: Four Steps to Breaking the Mold, Transforming the Financial Advisor-Client Partnership, and Building True Wealth by Tyson Ray

Kary Oberbrunner's podcasts