Name: The Benefits of Having Family Be Part a Succession Plan
Uploaded: 2025-05-27T19:47:00Z
Duration: 1 min 59 s
Description: Raj Bhatia, private wealth advisor with Merrill Private Wealth Management, describes how bringing a family member on board can benefit the firm and clients.

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Raj Bhatia, private wealth advisor with Merrill Private Wealth Management, describes how bringing a family member on board can benefit the firm and clients.

https://m.wsj.net/video/20250527/d25f4ad2-3eae-4369-aa46-106a47ef5c97/1/hls/manifest-hd-wifi.m3u8

The Benefits of Having Family Be Part a Succession Plan

Let me ask you about some of the dynamics, 'cause there's a lot going on. There's family. Children often wanna carve out their own identity, understandably so, you know, blaze their own paths, et cetera. And tell me about the balance, because there might be this desire that, I want this, but you may also acknowledge that depending on the person trying very hard might backfire. So you would need to calibrate your request correctly.

Yeah.

So unpack that for me a little.

Okay. This is an extremely insightful question. Thanks for asking. When you look at the dynamics that a capable young person who's had good training, good education, when they come into so-called family business, if you can call it that, they are aware that they'd have to fit in and they also are aware what role would they perform. So the first words out of her mouth when she began to think about the offer that I was giving her in terms of joining me were, "Dad you did well for yourself. It is your business you created. I don't want to join you to take a part of what you have done. I want to build on top of that." So in other words, if I built the first floor of my business, she doesn't want any of that. She told me, "I want to build the second and the third floor." I said, "You're very welcome because that's what I wanted to hear." The second part related to this was how would my team accept her? The second point that I'm unpacking here. My senior partner, Shan Lee, has been with me for 15, 16 years. He said to me, he said, "Raj, you can go blue in the face telling clients you have a succession plan. But when they see Ariana in the same Zoom as you are, they know you have a succession plan. Those questions don't come up anymore." Now that part came from my senior partner, and all of my team accepted that over a period of time that yes, this is value added.

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