One-third of wealth advisors plan to retire or leave the business over the next decade, Cerulli research has found, and they shouldn't waste any time planning for succession.
The turnover in the business won't stop after 10 years, of course. Cerulli said 71 percent of advisors will leave the business within two decades.
Over the first half of that time period, some types of advisors said they plan to exit the business faster than others. Dually registered advisors led the parade with 40 percent declaring their intention to leave. Other types of advisors and the percentages who will leave were: regional, 40; wirehouse, 34; registered independent advisors, 33; independent broker dealers, 33; insurance, 29; and bank, 23.
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