As we announced on Thanksgiving, we are happy to announce the promotion of Scott Hinchey to Partner. Scott will continue to serve his existing clients and will continue to grow the firm bringing on new clients seeking comprehensive investment strategies and wealth planning advice.
Why Make a Change?
The change is designed to give our clients added security and confidence that Nobile Hinchey Wealth Management is prepared to serve their families now and into the future. As financial planning professionals, we are committed to having a sound strategic plan for our own business so that it continues to operate at the highest level, no matter what. Michael Nobile will continue to serve his existing clients and manage the firm full-time as CEO.
You may wonder why we promoted Scott to partner when Michael isn’t planning to retire. It all boils down to the importance of succession planning and structuring our business for long-term success. As Michael explains, “When I started this firm, I was founder and CEO, so I had control over the future of the firm. I couldn't ask Scott to put his career, heart, and soul into a firm if he did not share the management responsibilities. Studies show that firms managed by a team do better than those run by only the founder. This is designed to make our firm stronger and able to provide better for our clients.”
What is Succession Planning?
Regardless of your industry, succession planning is a necessity for business owners and executives. However, many people don’t know what succession planning is, or why it’s important for your financial advisor to have a concrete plan in place. Over the course of our next three blog posts, we will be sharing the elements of succession planning and how it affects your relationship with your advisor.
In the simplest of terms, succession planning is determining how a business owner’s company would operate without him or her at the helm. Whether a business owner plans to pass on their business to family member, transfer it to another employee, or sell it, a succession plan is critical for ensuring a smooth transition and organized transfer of ownership. With a succession plan in place, a business can better ensure the leadership transition is free of any hiccups that could affect clients like you.
We’re not creating our succession plan because Michael is retiring or because we’re planning on selling the business. If anything, the opposite is true. Studies show that 77% of businesses that create a succession plan are doing so because they want to continue their company’s legacy and uphold its reputation into the future. We want to support the continued success of our firm and structure our business so that it does not entirely depend on any one person. This way, if anyone on our team is ill or injured, your level of service will not be compromised.
In upcoming posts, we’ll continue our discussion on succession planning, including the current succession planning crisis in our industry, what happens when financial advisors don’t have a strategy in place, and what to expect during the transition. If you have any questions about our succession plan or structuring a succession plan for your own business, reach out to us by email at [email protected] or call our office at (860) 659-5977.