How senior financial advisors can transition clients to younger staff
Advisors who fail to implement a succession are at risk for high client attrition and losing prospects.
By Saumen Chattopadhyay|December 21, 2021 at 10:20 AM
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The financial services industry continues to grapple with the issue of succession and the decline of advisor talent as a result of aging, retiring advisors and the scarcity of experienced advisors. Twenty-six percent of the advisors retiring in the next 10 years have no succession plan, according to Cerulli Associates. And, with this group accounting for $1.8 trillion of assets, there’s a significant opportunity for younger advisors to win new business, as well as a major concern of client attrition.
In general, there are three major succession paths available to advisors:
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