When David Wm. Brown died unexpectedly in 2021, the multigenerational family firm benefited from a succession plan that was already underway
Al G. Brown & Associates, a Toronto-based insurance and financial firm founded in 1943, rallied and managed its succession strategy after an unexpected death. From left: managing partner Elli Schochet, the late Al G. Brown and David Wm. Brown, and former partner Golda Brown, who's now a consultant with the firm.With a glut of financial advisors set to retire in the next decade, too many see planning for their future as something they’ll get to eventually.
“We knew each other through the community but not well at all,” Mr. Schochet says. They spent time together at MDRT and Al invited him to the office to spend time with the Browns. “ morality represented our morality. Our name has been around 80 years and it had to be somebody with those qualities.” By 2016, Mr. Schochet entered into a full partnership arrangement with David. Mr. Schochet had put the time in and understood that he needed to pay his dues, something beginning and mid-tier advisors don’t always understand, he says.
She made it her mission to help Mr. Schochet and the team ensure clients felt comfortable with him as successor. At that point, some clients still hadn’t met him.
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