06.13.22

Twenty-Five Percent of Advisors Near Retirement Lack a Succession Plan, Cerulli Says

by: Jennifer Lea Reed

More than a third of financial advisors are expected to retire over the next decade. These advisors control more than $10 trillion in assets, or 40 percent of the entire industry, yet 25 percent of this group has no succession plan, a new study from Cerulli Associates found. The study found that among the advisors who do have a plan, 26.6 percent said they were going to sell to an existing advisor in the same practice, 19.1 percent said they would groom a junior advisor or family member, 14.4 percent said their clients would be reassigned by their firm and 13.8 percent said they’d be looking to sell to an outside buyer.

Read the full article on Financial Advisor