Latest news with #MerrillPrivateWealthManagement
Mint
28-05-2025
- Business
- Mint
Raj Bhatia: Don't shy away from hiring your own child
Advisors who are thinking about succession planning should consider hiring their children, particularly if their offspring is genuinely interested, has ample work experience, and can bring expertise to the firm, says Raj Bhatia who has been with Merrill Lynch since 1981. Today, the private wealth advisor at the $2.5 billion Bhatia Group, which is part of Merrill Private Wealth Management, works alongside his daughter, Ariana. 'My daughter grew up in a household where the dinner conversations were all around things like clients and markets and so forth," Bhatia says on the latest The Way Forward podcast. 'And fortunately for me, she decided to go into business and finance with her education and career as opposed to following her mother's footsteps in becoming a doctor." After a few years working in private equity, Ariana concluded that it wasn't an ideal fit. 'She said to me, 'I've done that and I recognize that you go from one transaction to the other [in private equity], but Dad, I have seen you build relationships where your first client is still your client. That's what I want to do with the rest of my career.' So, the time was right and the firm helped me to bring her over. That's how she joined me last year and I'm glad that I got her in." Below are highlights from our conversation, which have been edited for clarity. His advice for advisors considering hiring a family member. 'When I get calls from other advisors in a similar situation, the thing I say to them is that there is a big difference between retirement planning and succession planning. In retirement planning, you're planning for one person. In succession planning, you're planning for many people and start the process 10 years ahead of time if you wish to leave a legacy." Minimize regrets. 'Most people optimize income and returns. I say minimize regrets. When I said this to her [Ariana], it was obvious that [this was better] than her coming back in 10 years saying, 'Dad, why didn't you ask me to join your business? If your adult son or daughter says, 'Dad, Mom, thanks but no thanks,' then you have read them their Miranda rights! It's up to them. Then they can't say 'I have a regret because you did not encourage me.' It can work out. When it works out, it works out very well." The pros far outweigh the cons. 'The upside in these moves can be huge. And the downside, I think, is limited in the sense that it's nothing irreversible should things not work out. The thing that I would suggest to people is to give it a fair amount of runway. In other words, I'd say a minimum of three to five years of runway where you're spending the time to mentor. That will produce better outcomes and results." Navigating the personal and the professional. 'Treat them as equals. Because if they're joining your business and you're still treating them based on how you see them as your offspring—as they say, 'they're born of us, but they're not us'—you have to acknowledge that and be ready to have a mechanism, a structure in place where the best argument wins or the best suggestion wins, as opposed to, 'Mom said this, Dad said this, and this is my way.'"
News.com.au
27-05-2025
- Business
- News.com.au
The Benefits of Having Family Be Part a Succession Plan
Raj Bhatia, private wealth advisor with Merrill Private Wealth Management, describes how bringing a family member on board can benefit the firm and clients.
