How do I tell my financial planning clients I am selling my practice?

Clients trust you with their plans, and many will feel the change personally. How they hear it matters nearly as much as what they hear. A calm, planned conversation from you carries more weight than a letter from a stranger. Prepare the message, the order and the answers to the questions you expect, and agree all of it with the buyer first.

When to tell them

Wait until the sale is firm enough that you can say what is happening and what happens next. Telling clients too early, while the deal could still fall through, leaves them worried for no reason. Telling them too late feels like a surprise. Ask your lawyer when it is safe to speak, since the purchase agreement may set limits.

Who tells them, and in what order

You should tell them, not the buyer. Begin with the largest and most personal relationships, by phone or in a meeting, then move to the rest. Aim for clients to hear it from you rather than from a colleague or another client. Plan the days so the news does not travel faster than you do.

Joint meetings and the letter

A joint meeting with the buyer lets clients see who will serve them and hear you vouch for that person. Follow with a short letter that says what is changing, what is not, and whom to call. Your dealer may require its own notice, and it will set the wording. Keep your letter plain and warm.

Questions and staff

Expect questions about fees, service and why you are leaving. Answer honestly, and say that you will confirm anything you are unsure of. Tell your staff first, so they hear it from you and can answer calmly when clients call. Ask them to help you keep the handover steady.