Every founder begins as a builder — fueled by grit, vision, and relentless drive.
The unintentional consequence of excelling at attracting clients and offering exceptional advice is that you become what I call an Accidental Owner.
The team expands. You begin managing payroll.
And before you know it, you've built what is likely one of the largest — if not the largest — assets on your personal balance sheet.
Then comes the pivotal moment — the realization that the very skills that helped you build and scale your firm as a Lone Ranger may begin to work against you.
What got you here—speed, control, and singular focus—won't get you where you want to go next.
In this next chapter, true leadership means preparing others to lead.
And that requires something that may feel extremely counterintuitive: letting go.
FROM CONTROL TO COLLABORATION
Many founder-led firms operate under a command-and-control leadership model, largely because it worked well during the early stages. As the firm matures and grows, however, centralized decision-making becomes increasingly inefficient, necessitating a wholesale shift to a more ‘shared leadership’ operating model. This is typically where the discomfort begins.
If these professionals are not given these types of performative opportunities, they may disengage or, worse, leave. And this isn’t just a theoretical risk. Time and again, we’ve seen high-potential next-generation leaders walk away from successful firms that failed to offer them a stake in future-shaping decisions. The lesson? You can’t simply hand over the keys; you need to invite and allow future leaders to help design the vehicle actively. As Matt Barthel, Editor-at-Large for Barron’s Advisor, recently observed, there’s a "French Revolution" brewing among next-generation leaders — especially women between the ages of 35 and 45 — who are tired of hearing the same message from founders year after year… that they plan to retire in the next five years.
These professionals are increasingly voting with their feet — leaving, joining other firms, or even starting their own — and in doing so, putting founders in an increasingly precarious position.
THE EMOTIONAL SHIFT: REDEFINING YOUR IDENTITY
Letting go isn’t merely a business decision; it also represents a personal transformation. Many founders struggle with the emotional identity shift that occurs when they are no longer the sole ‘go-to’ decision maker. However, openly acknowledging this shift—both with yourself and your team—is the first critical step in moving from Lone Ranger to Legacy Builder.
Consider where you envision the firm in five to ten years and what leadership role you can assume to best help the firm realize that vision. It’s not merely about what you enjoy doing, but what will best support future growth. Engage your team in this discussion and strategize about how you may need to shift responsibilities and/or potentially add new members to enhance the team and bolster your vision. Perhaps most importantly, encourage your team to keep you accountable and prevent you from reverting to old habits.
Mentorship demonstrates a strong commitment to your team and accelerates their professional growth as future leaders.
Redefining your identity will also require a gradual Transfer of Trust – moving from a model where each advisor serves a specific group of clients to one where the entire team becomes involved in relationships. It’s a shift that’s essential not only for maintaining continuity but also for scaling your enterprise so you can continue serving wealthy families with increasingly complex needs.
Rather than individuals striving to maintain expertise across all areas of wealth management, this transfer of trust offers an opportunity for individual advisors to develop deeper knowledge in specialized areas—from nontraditional asset classes to trust, tax, and estate planning, as well as philanthropy.
HELP THEM BUILD THE HOUSE THEY WANT TO OWN
Ownership isn’t just about equity—it’s about agency. Future leaders are much more likely to step into ownership (and remain there) if they’ve participated in creating the firm’s next chapter.
This means involving them early in significant decisions, creating cross-functional projects for them to lead, and encouraging experimentation. That’s the power of performative opportunities: real-time leadership roles in actual business scenarios. Not case studies. Not hypotheticals. Real, visible impact.
The strategic planning process provides an excellent opportunity to involve future leaders of the firm in planning, execution, and adjustments. In fact, it is the only way they will genuinely learn to plan for the firm’s future with confidence.
Additionally, studies show that clients respond more positively when there is a sense of equality within their team, with each member empowered to make decisions, provide advice, and take ownership of delivering measurable results. However, this requires openness to new ideas and a commitment to drawing out the genius of others.
In short, allow the next generation to help create the house they wish to live in; otherwise, they may not feel inclined to stay in it.
LET GO, BUT STAY PRESENT
Letting go doesn’t mean disappearing or neglecting your responsibilities; rather, it’s about demonstrating your belief in and confidence in your team’s abilities. When you get everyone on your team thinking like leaders and providing a continuous loop of feedback, advice, guidance, cooperation, and collaboration, each member has the opportunity to grow and become their best.
As the legacy leader, your role simply shifts to more of a mentor, coach, and steward of culture. Remaining engaged in this capacity ensures continuity while providing your successors with the runway to lead in their own right.
The most respected founders become cultural anchors, not obstacles. They model the values and behaviors that made the firm successful while creating space for innovation and new energy to emerge.
When executed correctly, the outcome isn’t just succession – it’s transformation. And that’s the true hallmark of an enduring firm.
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