Preserve what You’ve Built and Envisioning Your Retirement

• by secure_financial
• Posted on 09 June, 2021

The first step in a succession plan is to envision what retirement means to you. Does it come at a certain age or when you’ve reached a specific goal?  Over the next decade, 37% of financial advisors will retire.
 
A succession plan can make the difference between managing a practice and running an actual business. As a financial advisor you’ve accumulated assets under management through the years and your book of business can be kept intact after you retire. Choosing a successor and having a plan in place to smoothly transfer those assets to another advisor will preserve all assets under one roof and provide an opportunity for the firm to continue to grow.
 
Perhaps you want to retain some ownership of your practice, or perhaps there’s a financial goal that determines when you walk away from the business. You deserve that – but what about your clients? There needs to be a plan for them as well.
 
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.  
 
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 and reach their retirement goals.  Schedule a call to speak with Brian Dudley, Senior Vice President of Business Development, or send an email to request further information regarding this topic.

Source: FA Magazine, 37% Of Financial Advisors Expected To Retire Over Next Decade