In an exclusive interview with CanadianSME Small Business Magazine, Michael Aziz, Chief Distribution Officer at Canada Protection Plan, a Foresters Financial
Company, shares his expert insights on succession planning for financial advisors and the evolving landscape of Canada’s small and medium-sized insurance and financial practices.
With over 20 years of experience in financial services, Michael has played a key role in advising, structuring, and implementing growth strategies in investments, life insurance, capital markets, and client services. At Canada Protection Plan, he has overseen exponential sales growth and guided major product innovations, making him a trusted authority in the industry.
Currently Chief Distribution Officer, Canada Protection Plan, a Foresters Financial Company, Michael first joined the organization in 2015 as Senior Vice President, Sales. With more than 20 years’ experience in financial services, including investments, life insurance and living benefits, capital markets, client services and operations, he has held progressively responsible positions with CIBC, Cranson Capital and Desjardins Financial Security.
Michael began his career as a Senior Financial Advisor and currently leads and inspires a team of sales, marketing and advisor contracting/licensing professionals.
As the Chief Distribution Officer at Canada Protection Plan, a Foresters Financial Company, how do you see the landscape of succession planning evolving for aging financial advisors in Canada’s small and medium-sized insurance practices?
Succession planning in Canada’s financial advisory sector is scaling in importance as a number of advisors begin to phase out of the active workforce. Whether independent or associated with a firm, the advisor-client relationship is truly a work of art built on years of trust, care and honest communication. Sustaining this foundation for the long-term is ensuring an adequate plan of succession is established early on to help avoid any disruptive transitions or worse, risk coercing orphaned clients.
In finding the right successor, firms can consider developing mentorship programs, succession-focused partnerships, and structured buyout models that allow for gradual, honest transitions. Technology can also play a big role not only in modernizing services but also becoming more accessible to clients to further support transitions through Customer Relationship Management (CRM) systems and digital client portals that translate to quicker, more personalized servicing.
Across the financial advisory industry, there’s a responsibility to spotlight the importance of a succession plan before it’s too late. Getting ahead not only allows for a smoother transition but can also attract and develop the next generation of advisors, providing them with the mentorship, training, and support necessary for long-term success.
In your experience, what are the most critical steps an advisor should take to ensure a smooth transition when planning their exit from the business?
A well-executed succession plan requires a structured and proactive approach. To ensure a smooth transition, advisors can consider the following:
- Identify a Successor Early – Whether through internal mentorship or external acquisition, an advisor should start identifying and preparing a successor at least five years before retirement. This allows for proper licensing, training, and relationship-building.
- Structure the Financial Transition – The financial terms of the transition should be fair for both parties. Advisors need to determine whether they will sell their book of business outright, implement an earn-out structure, or remain involved in a phased retirement model.
- Client Transition Strategy – Clients should be informed about the transition well in advance. Personal meetings, letters, and strategic introductions help build trust between clients and the successor, reducing the risk of losing business during the transition.
- Operational and Technological Continuity – Updating CRM systems, ensuring data security, and providing access to portfolio management tools allow successors to maintain business operations seamlessly.
- Post-Transition Support – Many advisors choose to stay on in an advisory role for a period post-transition to provide continuity and reinforce client confidence.
How can advisors and their chosen successors build trust and maintain client retention during the transition period? Are there any innovative strategies you’ve observed in the industry?
Trust sets the foundation of an advisor-client relationship. An element that is developed over time is essential to a successful, gradual transition. Introducing an appointed successor early on can help develop familiarity, rapport and trust with new parties managing some of life’s most important decisions.
Implementing dual advisory periods, where both the retiring advisor and the successor work together for a set period engaging in joint meetings and financial reviews, allows the successor to be seen not as a replacement, but as a natural extension of the advisor’s legacy.
Technology is also playing a growing role in easing transitions. Advisors who leverage CRM-driven communication strategies, virtual client check-ins, and digital engagement tools create a seamless experience that reassures clients of continuity.
Additionally, successors who introduce value-added services—such as estate planning expertise, digital financial tracking, or a modernized approach to investment strategies—often find that clients are more willing to embrace the change.
Given your extensive background in financial services, what do you believe are the most important qualities a successor should possess, particularly for a life insurance-focused financial practice?
Selecting the right successor is not just about finding someone with the necessary licenses and technical knowledge, it’s about choosing someone who embodies the trust, integrity, and personable connection that clients have come to expect. Relationships often span generations, and clients rely on their advisors not just for financial transactions, but for guidance during life’s most significant moments.
The financial services industry is evolving rapidly, being adaptable is essential as new regulations, digital tools, and client expectations reshape the business. A successor who embraces technology, whether through advanced CRM tools, digital client portals, or AI-driven financial insights, will be better equipped to serve a modern client base.
Additionally, commitment to ethical and transparent decision-making is critical. Financial advice is a trust-based business, and clients need to feel confident that their advisor is acting in their best interest.
As we conclude, what final piece of advice would you offer to small and medium-sized business owners in the financial services sector who are contemplating their succession strategy?
The most important advice I can offer to financial advisors considering succession is to start planning far earlier than they think is necessary. Too often, succession planning is viewed as something to be handled when retirement is just around the corner. A successful transition requires years of preparation, ensuring continuity, preserving client trust, and creating a lasting legacy.
Whether considering an internal or external succession, ensuring regulatory compliance, structuring a fair financial deal, and leveraging professional guidance from legal and financial experts will help avoid common pitfalls.
Finally, succession planning isn’t just about the outgoing advisor—it’s about the employees, clients, and families who rely on that business. By planning with intention and clarity, financial advisors can protect their legacy and provide their clients with the reassurance they deserve.
The post Building a Legacy: Succession Planning Tips for Financial Advisors first appeared on CanadianSME Small Business Magazine.