A large slice of the advisor workforce plans to retire within a decade, yet more than a quarter of them still have no clear succession plan. The bottleneck is talent. Many trainees fail out, and firms say developing newcomers eats up time and money, a challenge that hits small RIAs hardest because they lack formal training programs. Some big firms are reworking their approach, ditching sink or swim training and recruiting people with financial backgrounds. Cerulli's advice is to place new advisors on teams with a clear path to more responsibility, which also lets clients get to know a future successor. Offering early ownership of part of the client book may cost the lead advisor some revenue, but it can attract stronger candidates and set up a smoother, more profitable handoff. 

Finsum: The best succession plan is built years before retirement, and advisors who invest in the next generation now may be paid back in a smoother exit and a stronger legacy.