Legacy Without Lineage: Succession Through Employee Ownership
My dad is Michael Chasnoff, Truepoint’s founder. That means that over the years, I’ve had a front-row seat to a question that comes up often: “What happens when your dad retires?”
In any business, a lack of succession planning can lead to instability and risk. But in a service-based industry like ours, where client trust is paramount, the stakes are even higher. Disruption isn’t just inconvenient—it can compromise the client experience we’ve spent decades building.
This year, our team is celebrating our 35th anniversary. That kind of longevity means two things to me: First, I think it’s safe to say my dad made some very smart decisions over the last three and a half decades. Second, many of the first-generation employees—the people who helped shape the culture and reputation of this firm—are now entering the final chapter of their careers. For the first time in my nine years at Truepoint, we’re seeing colleagues retire. And yet, despite the changes that have come to our team as we grow and evolve, there’s no disruption to our continuity. That’s not by accident.
Back in 2007, my dad made a pivotal decision: he began selling equity in the firm to high-performing employees. He was making a bet—on his team, their talent, and their commitment to our shared vision. That decision laid the groundwork for a model that has since grown stronger each year.
Today, nearly 40 of our active employees are shareholders. That’s almost 40% of our team—representing every corner of the firm, not just advisors or leadership roles.
This level of “buy-in” isn’t just symbolic. It ensures that ownership at Truepoint isn’t tied to lineage or one person’s longevity—it’s earned. And it means that succession here isn’t about handing over the reins to the next generation by birthright but about empowering the next generation by merit.
Why does this matter? For one, it’s helped us retain some of the best talent in the industry. We currently have seven employees who’ve been with Truepoint for more than 20 years—a remarkable statistic in any profession. But perhaps more importantly, it has preserved something that’s becoming increasingly rare in our industry: our independence.
While many of our peers have sold to private equity or larger consolidators, Truepoint remains 100% employee-owned. That structure allows us to stay focused on what matters most—our clients’ best interests—without external pressures to push products or steer portfolios to meet outside mandates. We’re not beholden to anyone but our clients, and that’s exactly how we want it.
Our model also requires that any shareholder who retires must sell their shares. This ensures that ownership stays with those actively engaged in running the firm—those closest to our clients and our work. It also creates opportunity for the next generation of leaders to step in and grow their ownership.
It was never my dad’s plan to hand me the keys. I’ve had to earn my place here, just like anyone else. And that’s exactly how it should be. As we often say in my family, “Nothing in life worth having comes easy.”
Truepoint’s approach to succession reflects that belief. It’s not about legacy for legacy’s sake—it’s about sustainability, shared ownership, and a long-term commitment to the people we serve. We’re building something that lasts—not just for the next 35 years, but well beyond.
