You know those weekly company zoom meetings? Well, over the next decade, a number of today’s financial advisors will be no shows. What, were they recipients of all inclusive get out of jail cards?
Um, nope. Instead, the bulk of them are in the waning days of their careers and over 100,000 will call it a day over the next decade, according to advisorperspectives.com.
Thing is, only 27% of advisors had a succession plan -- or a formal preparations to transition their practice of an kind – according to findings from a 2018 survey by the Financial Planning Association.
That said, succession planning’s a big decision for financial advisors to keep in mind and generate a plan for, according to figmarketing.com. That way, of course, the brand and your clients will say make hay in the aftermath of your departure.
When it comes to a succession plan, toss the cookie cutter out the nearest window. There’s a host of structures and steps available, of course, to design and plan that will accommodate your specific needs.
