 Cerrulli data shows that 50% of principals at RIA firms are 50 and over and almost half of them do not have a [succession/continuity] agreement in place. We have also conducted our own study that shows half of our advisors plan to retire in the next 10 years, but half of them don’t have a succession plan or they don’t feel the one they have is adequate.”David Canter, executive vice president of practice management and consulting at Fidelity Institutional Wealth Services |
Our Commentary
Mike thank you for writing this article. Contingency planning is a critical step in and of itself. As an advisor begins to tackle a contingency plan they become more comfortable working with the issue of succession as well. A great first step.
