Graying Brokerage Industry Prompts Need for Succession Plans: FINRA
The Financial Industry Regulatory Authority (FINRA) is encouraging registered representatives to have a succession plan in place to plan for unexpected life events and as more and more brokers are nearing retirement. Brokerage industry demographics indicate that an increasing number of reps are at or approaching traditional retirement age, FINRA states in a just-released Regulatory Notice. As of December 2021, 16.3% of reps were 60 and older, 8.2% were 65 and older and 3.82% were 70 and older.
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