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Why Financial Advisors Are Taking Succession Planning Seriously

Take care of your clients and prospects.

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August 1, 2017

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Why Financial Advisors Are Taking Succession Planning Seriously

A recent study by Cerulli Associates shares some menacing news for financial advisors. In the United States, the average age of an advisor is close to 60, with 43% over age 55 and only 11% younger than 35. From a marketing bias, this is threatening to the average advisor’s business growth and retention efforts. If you are over the age of 55 and business growth and retention is still a fundamental part of your business plan, consider this: How many clients and prospects age 45 or younger are interested in working with an advisor that may be out of the business within the next 10 years?

Clients and prospects care deeply about the future. They need to know what happens in the event of your death, disability or retirement. Perhaps you have a younger partner or colleague that clients can comfortably transition to. If your succession plan is to transition your clients to an “orphan” account when you leave the business, you will have failed your clients. They expect and deserve better.

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