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Lunch sounds good if it makes sense for your relationship - time to discuss the clients you are taking over and for you to genuinely say thank you.
Pro
Agree with treating them to a nice lunch, but wouldn’t hurt to add a nice tangible gift as well. Maybe get them a nice bottle of wine/scotch if they’re into that. Or a high quality engraved pen. Or maybe something tied to their next steps into retirement, maybe a book by an author they respect. I think anything thoughtful but not crazy expensive would do the trick.
Rising Star
Yes. Perfect advice.
Lucky duck
Treat it as your first business development/referral source. What sounds appropriate for someone who refers you a lot of business, and who you (presumably) have a personal relationship with.
Depends on the size of the book and your relationship but at minimum I would want to take the partner to lunch to talk about clients and relationships and how to facilitate ongoing servicing of matters.
I would kiss their feet
This is amazing! Congratulations!!
Definitely do something!
Depends on the size of the book. If the book guarantees you a profit share of 500k+ or guarantees that your kids are going to college for free and you need not concern yourself with whether Social Security (if in U.S.) will be around b/c you are rich, then I would probably contribute to his/her retirement in a meaningful way for at least a few years. (Maybe an international trip for 2 people every year for 3 or 4 years? golf trip? car?) Maybe I am too nice.
this is amazing. first, congratulations! i agree it depends on the size of the book as well as your relationship with the partner. at minimum i would go to lunch, not just to say thank you and show your appreciation, but also to use this for business development and to learn more about what you’ll be inheriting. a classy professional gift to add would be nice too. nothing too big or fancy, but thoughtful enough to make a lasting impression.