•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Komfie Manalo, Opalesque Asia:

One third of financial advisors in the U.S. are planning to exit the business within the next 10 years, according to the latest research from global analytics firm Cerulli Associates.

"The need for succession support is growing. Finding a suitable succession partner can be a major hurdle that frustrates advisors early in the process," stated Kenton Shirk, associate director at Cerulli, in the first quarter issue of The Cerulli Edge - Advisor Edition.

"It can take a year or longer to fully execute a succession plan," Shirk explaine. "The process can be especially difficult for those advisors with a unique specialization, diverse business lines, or a secluded location."

The study warned that clients are often uncomfortable raising questions about succession and encourages advisors to communicate their future plans with key stakeholders long before they plan to retire. They may introduce clients to their future successor to build rapport and smooth the transference of the relationship.

The research recommended that advisors carefully plan their retirement before jumping into suc......................

To view our full article Click here