Financial advisors spend their time helping others prepare for retirement, but they are notorious about not planning for their own futures, according to a study of 2,400 financial professionals by the Financial Planning Association Research & Practice Institute.
The study found that half of financial advisors don't have a written business plan and 46 percent don't have a retirement plan for themselves, yet 40 percent are planning to retire within the next 14 years. Only one-quarter of advisors have a succession plan in place for their business.
The problem could just be lack of time, the report said. The study said that although advisors recognize that time management is among the most important business attributes they can possess, they struggle to manage their time effectively.
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