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Summary: The financial advisory profession is facing a looming talent shortage. According to Cerulli, 71% of the advisor population is over the age of 45, and the average advisor is 51½ years old. As these advisors reach retirement age, some 8,600 are expected to leave the profession every year for the next 13 years, thinning the ranks of advisors at a 2.7 percent annual clip. Unfortunately, for every eight advisors that retire, only three are trained to replace them.
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Summary: Even if your retirement isn't near, it's important to have a plan. It's like writing a will; you don't really need it today, but when you do need it and you don't have one, things are not going to end up the way you want them to.
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Summary: New book, “Success and Succession” provides guidance on not only the key operational and financial issues faced in executing an internal succession plan and how to manage them, but the emotional challenges that will inevitably arise – for both the successor and the founder – which must be navigated to successfully complete a succession transition!
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Summary: Experienced advisers may have great expectations for the junior advisers they hire. They may hope that new associates will ease their workload, boost their firms’ assets and eventually become their successors.
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Summary: suWccessful businesses is coming to an end. As boomers enter their 60s, many are seeking to liquidate and retire. A recent New York Times article highlights this trend, referencing how bankers and brokers say there’s a significant increase in sales from business owners in their 60s and 70s who are ready to turn their creations over to a new generation of owners.
