Beyond the Numbers: How Elaine Hartman Helps Advisors Pass on the Torch to the Next Generation of Reps with Care

There has been a great shift in the world of transferring generational wealth wherein four generations are working at the same time, with all baby boomers on the verge of retiring by 2030. This means that baby boomers and the preceding silent generation are poised to transfer trillions in wealth. This transition represents the largest wealth transfer in history, but for financial advisors, the challenge goes beyond the numbers. It’s the relationships, built over decades, that must be carefully transitioned to a younger generation of advisors.

Elaine Hartman, President of Advisor Associate, and a mitigator for financial representatives aka reps, stands at the center of this intricate process. Drawing from a lifetime of experience in the financial services industry, Elaine has become a trusted guide for older advisors looking to pass the torch to younger representatives. Her journey to this role is rooted in both professional achievement and personal loss, shaping her unique approach to this delicate transition.

Elaine began her career on the Central Coast back in 1990 as a receptionist at a brokerage firm. Encouraged by a senior advisor, she earned her license and went on to co-found a successful brokerage firm alongside her business partner, Marc. Together, they built a wealth of networks, although it felt like family. “We’d talk five minutes about business, and the rest was catching up on their life; family, grandkids, travel,” Elaine recalls.

After 28 years of strong partnership, tragedy struck as Marc passed away. With no clear succession plan, Elaine faced the daunting task of ensuring her clients were cared for. “They were like family to me,” she says. “I wanted the best for them, and I needed to make sure the transition was smooth and secure.”

In her search for the right successor, Elaine met the founder of Advisor Associate. What began as a three-year commitment to facilitate the transition of her own firm eventually grew into a new chapter of her career. Today, Elaine leverages her

experience to help other advisors navigate the complexities of transitioning their practices.

No two advisory practices are alike, and Elaine emphasizes the importance of customizing the process for each rep. “Every practice has its own rhythm,” she explains. “Some reps have built businesses out of their homes with minimal staff, while others manage large offices with deep client relationships spanning decades.”

Elaine’s work begins with understanding the retiring advisor’s practice: the structure, history with the client and the type of relationship, and the unique challenges of each client. For many older reps, this transition is generally emotional. “For them, these clients aren’t just numbers. They’re friends. There’s a deep trust formed over many many years, and it’s hard to let go of that,” Elaine admits.

However, one of the most challenging aspects of the process is bridging the generational gap. Many older advisors operate with paper files and handwritten notes; while younger ones have accustomed themselves to digital systems and automated workflows. “We recently digitized thousands of files from an office, it was a massive undertaking,” Elaine shares. These first-hand experiences, such as transitioning from a ‘dinosaur’ model to a digital platform, have allowed her to understand and empathize with both sides and look for practical solutions for a streamlined transition.

The transition process itself often involves a period of overlap, with the retiring advisors staying on for one or two years to introduce and warm up the younger rep to their clients. “We generally encourage a slow handoff,” Elaine explains. “It is less stressful for the clients, and it gives the new rep the time to build trust.” In some cases, this collaboration reinvigorates the retiring advisor. “We’ve had reps who planned to leave within a year but stayed on for three because they enjoyed the partnership,” she says.

Elaine also coaches younger reps on how to respect the legacy of their predecessors. “This isn’t just a book of business, it’s someone’s life’s work. You have to honor that and earn the trust of both the retiring advisor and their clients.”

For Elaine, the most rewarding aspect of her work is preserving the relationships that define an advisory practice. “It’s not just about assets, it’s about people. These clients have shared their lives with their advisors, and our goal is to ensure they feel supported and valued through the transition.” Her approach has earned her the trust of advisors and clients alike. Whether she’s flying cross-country for a face-to-face meeting or helping a rep digitize their practice, Elaine’s commitment to building strong relationships is unwavering.

Advisor Associate, where Elaine serves as President, specializes in facilitating seamless transitions for financial advisors. The firm offers a comprehensive approach, addressing everything from operational logistics to relationship management. By tailoring the process to each advisor’s unique needs, Advisor Associate as well as Elaine Hartman ensure that both clients and incoming reps feel supported every step of the way.

Registered Representatives offering securities through Independent Financial Group, LLC (IFG), Member FINRA/SIPC. Investment Advisor Representatives offering advisory services through Independent Financial Group, LLC (IFG), a Registered Investment Adviser. Additional advisory services offered through X Advisors, LLC, and Pash & Benson International, Ltd., both Registered Investment Advisors. Advisor Associates, Cherry Creek Capital, Paxton Consulting Group, Pash & Benson International and IFG are unaffiliated entities.