The average age of a financial advisor in the U.S. is 52. It is widely reported that over the next decade, 35+% of advisors will be retiring in this industry.
The convergence of these two projections means this:
• Senior advisors will need to start crafting succession plans sooner rather than later to effectively transition their businesses over a typical, multiyear agreement.
• High-quality book valuation of advisor practices will be a critical component to determine selling price.
• Young advisors will have an astronomical opportunity to acquire lucrative books and secure their viability for the future.
Do you have a succession plan?
– Michele Mandeville, The Financial Advisor 100