Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with

financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial

advisors navigated the inevitable challenges that arise on the path to success and get insight

from leading industry consultants about how to break through to the next

level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome

to the 259th episode of the Financial Advisor Success Podcast. My guest in today's podcast is

Patricia Houlehem. Patty is the founder of Hulahan Financial Resource Group,

an independent R.A. based in the Washington, D.C. area that oversees $345 million in assets

under management for 150 client households.

What's unique about Patty, though, is the way she's implementing an internal succession

plan with her son and a second advisor, focusing not necessarily

on exiting herself from the business and maximizing the value of the sale, because as Patty

notes, you can't take it with you anyway. But instead on ensuring continuity of management and

continuity of service to clients so that Patty doesn't have to actually retire anytime soon at all.

In this episode, we talk in depth about how Patty's internal succession plan has evolved over the

years after clients began to ask her when she was going to retire and started to highlight

their own concerns about how the firm would service them after Patty was gone.

The way Patty implemented a team approach where all three advisors of the firm have been in on every

client meeting for years, so clients have a trust relationship with more than just Patty.

And how there hasn't been any issue implementing a succession plan where Patty's name is part

of the firm name, Hulahan Financial Resource Group, because the whole point is that the firm

will live as a going concern beyond her.

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