Congratulations to Fiona Fang, Michael Peart, and Chris Colman on being elevated to Senior Associate status. All going to plan, they should become Private Client Advisers within 12 to 18 months.

We are also most excited to welcome Travis Schindler into the equity partnership fold. Travis has worked tirelessly to become an exceptional financial adviser and his contribution to the business culture and new business development made this an easy decision.

From the day Hewison Private Wealth was established a succession plan has been in place. It’s made up of many moving parts, but the key component has been an unwavering commitment from the business owners to offer opportunities to the talented staff within, and sell down to worthy candidates who already add significant value to the business.

The strategy may not offer the same exit value as the open market, but the primary motivator of Hewison Private Wealth shareholders has always been to ensure our clients and staff are cared for above all else.

Why is succession planning important?

Staff are inherently aware of when there is no succession, then when there is.

Whilst a common succession strategy is to sell on the open market (often to the highest bidder), it is likely to bring unwelcome risks to both culture and staff, mostly because the incumbent buyer may want to do things their way. This could include staff consolidation and/or change to systems and processes, to say the least.

It’s always been a priority at Hewison Private Wealth to provide pathways for career advancement. Succession from within is paramount to ensuring our staff are provided with the opportunity to grow with the business.

Why is succession planning important for our clients?

Succession planning is vitally important to our clients. It should provide confidence that our long-term structure and strategy of building long-term relationships for the purpose of assisting our clients to achieve their financial goals and dreams remains unchanged.

Building trust takes time, not only with individual advisers but with the company itself. Clients should take great confidence that they have partnered with the right financial advisory business when they can see our succession plan in operation without any deviation over 36 years.

What does the future hold?

We are proud and excited to say that our future looks a lot like our past.

We plan to continue introducing Hewison staff into the equity mix, ensuring that the business can continue to evolve in its current form and provide liquidity opportunities to the existing partners without the need to consider outside investment.

It should also motivate staff to know that growth opportunities exist, particularly as we grow, and clarity for those already on the pathway to partnership. With the likes of Travis’s promotion, the pathway has been clearly defined for others to follow suit.

I am very excited for all clients, staff, and stakeholders of a bright future for all.