Transition of Financial Planning When Financial Adviser Retires

When financial adviser reaches his age of retirement, the clients will have concerns about how their financial planning are to carry on and what the succession plans are. A study by Cerulli Associates dating back to August 2014 showed that 43 percent of financial advisers are over the age of 55, while another study from the Oechsli Institute found that only 23 percent are under 40. Both cast big concern from the side of the clients about their future. Ways to this dilemma can be transfer to a new advisor at a new firm, or to a younger adviser at the same firm who has a similar approach of planning and investment. Whichever way the financial adviser goes with, he has to make sure that the succession plan needs to be in the best interest of the clients.

See Paul Sullivan, “What to Do When Your Financial Adviser Retires,” The New York Times (December 12, 2014).

Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.

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