Planning. It's what advisors do -- except, apparently, for themselves. When it comes to their own eventual exit from the business, how prepared are they? Not very, according to anxious industry-watchers. And either that will have to change, or firms may start disappearing as their principals age out of the profession. A Franklin Templeton report finds that although two thirds of prospective sellers of RIA businesses "anticipated a change of ownership within five years," just 36 percent said they'd taken any serious action to initiate a succession plan. And a report from Cerulli finds that 22 percent of advisors planning to retire in the next 10 years have no plan at all. The gallery above shows 7 reasons you might want to get started with succession planning.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
