Q+A: An interview with Toriano Faulkner
Tori Faulkner, a succession and acquisition consultant who has helped countless advisors navigate this pivotal chapter, shares insights on successful transitions.
For most advisors, their practice isn’t just a business, but a personal legacy built over decades – often from the ground up. When it’s time to step away, a partner who understands the emotional weight as well as the technical dimensions can be invaluable.
Raymond James has one of the most experienced succession and acquisition planning teams in the industry, specialists who guide advisors through every detail with discretion and empathy.
Tori Faulkner, a succession and acquisition consultant who has helped countless advisors navigate this pivotal chapter, shares insights on successful transitions.
Q: How does the Succession & Acquisition Planning team help advisors?
Our team supports advisors through every phase of succession planning, which starts with putting a catastrophic plan in place. We make sure every advisor has a formal plan in place so they can name a preferred successor, designate beneficiaries and avoid the default FINRA outcome of a lump‑sum payment going to their estate at the worst possible time. Completing that form takes just a few minutes, but it prevents major complications for families and branches.
From there, we help advisors with teaming and ownership questions, especially around split rep codes. It’s important to document who actually owns which assets so that, in a catastrophic event or a planned succession, everyone is clear about what’s included in the transition.
We also guide advisors through the full retirement process. Succession isn’t as simple as deciding to retire – it often requires coordination with nine or 10 different departments across the firm.
Q: How does the way Raymond James approaches succession differ from other firms?
Raymond James advisors own their books of business, which gives them the freedom to design the structure, timing and terms of their transition. Because they’re independent business owners, the proceeds from selling their practice can often be treated as capital gains in consultation with their tax professional, which can make a meaningful difference.
One of our strengths is consistency. Each region has its own dedicated consultant, so advisors work with the same person for catastrophic planning, teaming and succession. That enables us to guide advisors through every detail of the process while helping ensure their clients stay with a professional they trust because the advisor chooses who will carry their practice forward.
Q: How do you help advisors choose the right structure for their goals?
By giving them flexibility, guidance and a clear understanding of their options. We offer four primary deal structures: a lump‑sum payment, payments over the course of up to five years, revenue‑share arrangements or a hybrid of those options. Each allows advisors to tailor their transition to what works for both the buyer and the seller.
Our role is to walk both parties through those structures and share the valuation ranges we typically see in the market. We never dictate what a deal should be or push an advisor to sell, we simply equip them with the information they need to negotiate confidently. Our team is fully objective and we handle all conversations confidentially. Advisors can explore their options privately until they’re ready to bring others into the process or seek the necessary approvals once a deal is nearing completion.
Q: What’s the best time for an advisor to start planning their transition?
The ideal time to start planning is at least a few months before retirement, but we can support advisors whether they’re 30 days or three years out. For advisors who already know their successor and timeline, our standard retirement process works pretty seamlessly.
For those who want more runway, we offer the Advisor Emeritus program, which is a date‑certain retirement option. Advisors remain full‑time while shifting production to their successor and receiving negotiated transfer pay. This helps reduce uncertainty and gives both parties time to introduce clients, reduce attrition and prepare for a smooth handoff.
Emeritus also helps advisors ease into retirement emotionally. Many have been working nonstop for decades, and it can be difficult to go cold turkey. The program gives them space to gradually scale back their schedule while preparing clients – and themselves – for the transition.
Q: What unique succession challenges or opportunities do Black advisors experience?
Many Black advisors serve a predominantly Black client base, and they want to ensure those clients feel understood and represented by the next advisor. That’s not exclusive to Black advisors – women, Latino and other advisors with a specific demographic or niche market face similar hurdles. When the pool of potential successors who share that background or connection is smaller, the search becomes more difficult.
Finding a buyer isn’t the issue; we have far more buyers than sellers. The challenge is finding the right successor – someone who not only values the business but will also take care of the clients the retiring advisor has served and built relationships with for decades. That alignment matters more than anything, regardless of race or background.
Q: Is that something that you can help advisors with – identifying a successor?
We don’t personally pair advisors with successors, but we do offer Practice Exchange – an innovative platform that helps match buyers and sellers. Sellers create profiles, buyers do the same, and the system uses an algorithm to surface potential matches. Once both parties are interested, they can move forward, sign NDAs and begin discussions.
That said, most succession deals still originate within the branch or complex. Letting a branch or complex manager know you’re considering retirement is often the best way to identify a strong cultural and client‑fit match. Those leaders know their advisors well and are typically the ones who make the most successful connections.
Q: When you look back at advisors who have transitioned successfully, what habits or behaviors do they share?
In my experience, the advisors who transition most successfully are the ones who follow a clear, consistent process for introducing clients to the successor. Whether they choose to communicate immediately or a little later in the timeline, they never leave those conversations to chance. They map out exactly how each client segment will be notified – for example, A‑clients in person and B‑clients through scheduled meetings – and the buyer and seller work together to ensure every client is contacted, informed and kept in the loop.
Q: How can next-gen talent prepare themselves to be attractive successors?
The best preparation is demonstrating consistent growth, professionalism and commitment to clients. When advisors see that you’re capable, stable and on an upward trajectory, they’re far more comfortable entrusting you with the relationships they’ve spent 20, 30 or even 40 years building.
Q: How do you help advisors navigate the emotional aspects of succession planning?
The emotional side of succession planning is often the hardest part, because every advisor is different. Some already know exactly what they want to do next, whether that’s volunteering, teaching financial literacy, traveling or spending more time with family. Others know it’s time to retire but aren’t sure what comes after, and that uncertainty can make the process much harder.
What we emphasize is the importance of finding a new passion or purpose. After 30 or 40 years of working nonstop, it’s natural to miss the routine, the identity and the relationships that come with being an advisor. Without something meaningful to transition into, retirement can feel like an abrupt loss.
At the end of the day, the dollars and cents are the easy part. The real challenge is helping someone let go of something they built, nurtured and identified with for most of their career. Our job is to support them through that process with empathy, patience and practical guidance.
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