Close to Retiring? Uh-Oh, So is Your Financial Adviser |

This article comments on advisor succession planning from the client’s standpoint. Many clients are concerned  about the fact that their aging  advisor may not have a credible succession plan in place.  Clients need to be assured that their advisor has  carefully chosen a designated successor.  They need to  have confidence in the skills and integrity of the advisor who will be acquiring their account.   We routinely see older  advisors who’ve waited too long to select a successor see their practices shrink as clients jump ship.  Nervous clients  often bail out and choose younger  advisors or those who already are part of a team.

If you’re an advisor without a succession plan-please call us -we can help.  We have a number of practice monetization  options through which  you can transfer your book to a successor that you pick  and be rewarded for your lifetime of hard work in establishing your practice.

Close to Retiring? Uh-Oh, So is Your Financial Adviser

Wealth Advisers are an aging group. Yours may retire just when you need him most. Here’s how to handle the transition.

By Dan Kadlec @dankadlecJuly 18, 2013

If you have a financial adviser, odds are this person is contemplating his or her own retirement, as well as yours. That doesn’t mean you’re being cheated out of the attention your finances deserve. But it does suggest that your account will be handed off to a colleague sooner than you may expect.

Like postal clerks, clergy, and bus drivers, wealth managers are growing old in a line of work with a slow replacement rate. The average age of a financial adviser in the U.S. is 50, reports consulting firm Accenture. Meanwhile, financial advisers past the age of 60 control $2.3 trillion of client assets.

Most alarming: These trillions of dollars will be up for grabs over the next decade as fewer than one in three advisers has a formal plan for handing off their client list. You could be part of a bidding war as rival firms vie for your adviser’s book of business, or you may be handed to an inexperienced financial adviser who inherits the account at your old firm.

via Close to Retiring? Uh-Oh, So is Your Financial Adviser |