37% Of Financial Advisors Expected To Retire Over Next Decade

• by secure_financial
• Posted on 25 May, 2021

You’ve spent a career helping clients prepare for retirement. But have you taken the time to think about your own? Industry-wide, the shockwaves are forthcoming:

•  More than a third of financial advisors are planning to leave the business over the next decade.
• More than $2.3 trillion in assets are managed by advisors who are 60 and older.
• Less than 25% of these advisors have any sort of succession plan in place.

 When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party? The key is to pick the best plan for your circumstances and objectives and to seek help from financial and legal advisors to carry out this plan.
 
Without a succession plan, not only do advisors leave clients feeling vulnerable, but they also miss potentially beneficial opportunities. But when handled with thought and foresight, an advisor’s retirement can maintain a lifelong professional reputation, do right by clients and colleagues, and even generate post-retirement income.

Secure Asset Management can help you and/or your clients with attractive succession options for advisors approaching retirement or for those looking to implement strategies to protect their firm due to a catastrophic event.  Schedule a call to speak with Brian Dudley or send an email to discuss your firm specifically and the options available.

Source: FA Magazine, 37% Of Financial Advisors Expected To Retire Over Next Decade
Investmentnews.com. “One-third of advisors plan to exit business within a decade”