Ep.123 - Internal Succession That Works: Ashton Chritchlow on Leadership, Equity and Sustainable Growth
Ashton Chritchlow on Leadership, Equity and Sustainable Growth
Internal succession is a recurring topic in financial advice, yet genuine examples of it working well remain rare.
In this episode of Adviser 3.0 The Podcast, Abraham speaks with Ashton Chritchlow, Managing Director and owner of Ifamax Wealth Management, about what internal succession looks like when it is built deliberately over time rather than rushed as an exit strategy.
This is a practical account of progression, leadership and ownership, grounded in lived experience rather than theory.
Building leaders from the ground up
Ashton joined the firm in 2008 in an administrative role, working across every part of the business. That early exposure created a deep understanding of how advice firms actually operate, from client service to systems and decision making.
This foundation shaped his leadership approach and remains central to how the firm now develops future talent. Internal succession works best when future leaders understand the whole business, not only their own function.
Ownership is not the same as performance
A key insight from the episode is the difference between being a high performer and being ready for ownership.
Ashton is clear that equity must come with responsibility, risk and accountability. In his case, buying into the business required remortgaging his home and committing personally to the long-term success of the firm.
That experience shaped both decision-making and culture, reinforcing that ownership is earned through commitment, not tenure.
Succession requires early intent
One of the strongest messages from the conversation is that succession cannot be left until a founder is approaching retirement.
Leaving it too late limits options and often forces decisions driven by necessity rather than strategy. At Ifamax Wealth Management, succession was built over many years, with leadership responsibility gradually shifting internally and reliance on the founder deliberately reduced.
This long term approach made a successful management buyout possible and avoided the pressures that often lead firms towards consolidation. It also reflects broader industry challenges around management buyouts and succession planning in professional services.
Leadership that thinks beyond itself
Effective succession requires founders to build businesses that can operate without them.
Rather than holding control indefinitely, leadership must focus on developing people, systems and trust. In this case, that mindset allowed the firm to continue independently while preserving culture, client relationships and standards.
A sustainable view of growth
Growth here is not about scale for its own sake. It is about sustainability, independence and quality of service.
The firm continues to grow steadily, with a focus on developing people internally and maintaining a model that supports long-term succession. For clients, this provides continuity. For staff, it creates genuine opportunity.
What this means for advisers and firm owners
For firm owners, the lesson is clear. Succession needs to be planned early and approached with honesty about legacy, control and intent.
For advisers aspiring to ownership, the message is equally direct. Progression requires more than technical ability. It requires broader contribution, accountability and a willingness to take responsibility for the business as a whole.
Internal succession is challenging. When it works, it is because leadership, equity and accountability move together over time.
