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What is Succession Planning?

Updated: Oct 2, 2023

what is succession planning

What is succession planning?

When wealth managers refer to succession planning, they typically focus on the process of planning for the transfer of wealth and assets from one generation to the next. In the context of wealth management, succession planning encompasses strategies and actions to ensure the smooth transition of financial resources and responsibilities to future generations.

But, what is succession planning in detail? Wealth managers play a crucial role in assisting clients with succession planning by addressing key aspects such as:

Estate Planning:

Wealth managers help clients develop and implement estate plans that outline the distribution of assets upon their passing. This includes creating wills, trusts, and other legal structures to protect and transfer wealth according to the client's wishes.

Wealth Transfer:

Succession planning involves developing strategies to transfer wealth to the intended beneficiaries in a tax-efficient manner. Wealth managers assist in minimizing estate taxes, capital gains taxes, and other potential financial burdens that could affect the transfer of assets.

Family Governance:

what is succession planning

Wealth managers help establish family governance structures and facilitate family discussions to ensure effective communication, decision-making, and wealth stewardship across generations. This may involve setting up family offices, family constitutions, or family councils to provide a framework for managing wealth and maintaining family harmony.

Philanthropic Goals:

Succession planning can include incorporating philanthropic goals and strategies into wealth transfer plans. Wealth managers help clients establish charitable foundations, donor-advised funds, or other philanthropic vehicles to support causes that align with their values and create a lasting legacy.

Business Succession:

For clients who own businesses, wealth managers assist in developing strategies for transitioning business ownership and management to the next generation. This may involve creating buy-sell agreements, implementing management training programs, or exploring options for selling the business.

Overall, wealth managers emphasize the importance of succession planning to ensure the preservation, effective transfer, and responsible management of wealth across generations. They work closely with clients to understand their specific goals, family dynamics, and financial situation to develop tailored strategies that align with their long-term objectives.

How to access succession planning services

At Lyon Bern, this is one of the services we offer. Although we are headquartered in the Milla de Oro in San Juan, we can help you wherever you are in Puerto Rico.

Our wealth management advisors have experience in this field and are ready to support you with your succession planning needs.


Wealth & Asset Management in San Juan, Puerto Rico

Asesores Financieros


San Juan, PR | Headquarters Office

252 Ponce de León Ave. Citi Towers Suite 1403 San Juan, PR 00918 ​

PHONE 787-395-7325

Disclosure: Lyon Bern, LLC is a Registered Investment Adviser and is in the business of consulting and advising its clients in wealth and asset management. Each client's diversification between Lyon Bern's portfolios will be made individually and based on the client's Investment Policy Statement. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product referred to directly or indirectly in this document will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Lyon Bern, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with a professional investment advisor. A copy of our current written investment advisory agreement discussing our advisory services and fees is available for review upon request.


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