Succession Plan: Transition Plan and Advisers

succession plan: It sounds like a classic case of the cobbler's children having no shoes, according to Market Watch. When advisers retire in place, they will often stop working full time, go into the office less, and only communicate with clients when it's convenient for them. Ironically, it seems that many financial advisers have not taken their own advice, and instead of developing a transition plan to get themselves on the path to retirement, they retire in place. This approach can negatively impact the level of advice they provide to clients, because they have one foot in retirement and one foot in the office. An industry in crisis According to a 2018 study by the Financial Planning Association and Janus Henderson Investors, 73% of financial advisers lack a formal succession plan. However, there are effective ways to retire in place, such as joining a firm that implements joint ventures or staged retirement plans for advisers. (news.financializer.com). As reported in the news.