Why you need a succession strategy

Cerrulli Associates estimates that more than 56 percent of broker/dealer affiliated advisors are over 50, and the average age is 52. With 40 percent of surveyed advisors indicating they plan to retire within the next 5 to 15 years, advisor succession is not a matter of if, but when. A solid succession strategy allows advisors to:

• Maximize the value of your practice
• Hand pick your successor
• Fulfill your responsibility to family, clients, and staff
• Capitalize on your asset while you are young enough to enjoy it
• Protect your business
• Retire on your terms