Schofield Sweeney partner joins national succession planning taskforce

A partner at leading commercial law firm Schofield Sweeney has been appointed to the steering committee of the newly formed Succession Alliance – a UK-wide taskforce aimed at improving succession outcomes across financial planning.

Established by the Consumer Duty Alliance, the Succession Alliance aims to improve consistency, raise expectations and provide practical education across the profession.

Daniel Bisby, a partner in the corporate team at Schofield Sweeney and specialist in succession planning and complex M&A transactions within the professional and regulated services sectors, is the sole legal representative on the committee.

He said: “It’s an honour to be invited to join the Alliance. It’s so important that as a profession we come together to improve the quality and professionalism of succession planning, and to provide valuable resources for both buyers and sellers.

“The first meeting of the board and steering committee was really productive and we agreed areas of focus, which will include a profession-wide succession survey, creating a glossary of succession terms and establishing good practice and a buyers charter. In addition, we looked at how we can bring more consistency, clarity and confidence to succession planning across the financial advice profession.”

Ben Wright, Chairman of the Succession Alliance Board and Chief Innovation Officer at Leeds-based IFA business consultancy Melo. said: “Too often succession it is triggered by pressure rather than being planned with purpose, leaving firms to navigate key decisions without full information or a clear understanding of what ‘good’ looks like.

“The Succession Alliance exists to change that by raising expectations, promoting minimum standards, and providing practical good practice guidance that helps advisers plan well and exit well, whichever route they choose. If we get succession right, the benefits extend far beyond any individual exit. Stronger firms, better-protected clients and a more resilient, credible profession all follow.”