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Summary: To prepare a valuable succession plan that will take their firm into the future, advisors have to begin at the beginning and build a business instead of a practice, according to Charles Farrell and Fred Taylor of Northstar Investment Advisors. Regardless of an advisor’s exit strategy, it won’t work if he can’t detach himself from the firm.
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Summary: The lack of planning is particularly important because advisors over age 60 control $2.3 trillion in assets. According to recent research by Cerulli Associates, a financial industry research firm, nearly one third of advisors in the United States will exit the business in the next decade. The average age of advisors is now 50.9 years and 43 percent are over 55 years of age.
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Summary: It’s well known that the U.S. financial-advisor population is graying, but one research firm’s take on how soon many of them may be calling it quits could come as a shock. According to Cerulli Associates, almost a third of them plan to be out of the game by 2024. On average, financial advisors in this country are around 50, according to other industry studies.
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Summary: About 98,500 advisors, or 32 percent of the total advisor population, plan to retire or exit the business in the next 10 years, a new Cerulli Associates report found. The average advisor in this industry is in their mid-50s and ticking upwards, yet only 29 percent of advisors have a succession plan, according to Moss Adams.
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Summary: Millennials want to be mentored, Cam Marston, president of Generational Insights, told a packed session at TD Ameritrade Institutional’s national conference here on Friday. Indeed, considering that the advisory industry’s talent shortage and need to attract younger employees as well as clients were among the topics dominating discussions at the conference, it wasn’t surprising that a session promising advice on recruiting for an “age-diverse” workplace drew so much attention.
