As a financial advisor, you likely have some clients who can’t wait for retirement and look forward to the next stage, while others are hesitant and don’t feel ready to consider the next step. In both cases, you play a key role in preparing them for retirement by developing a holistic plan, and in the latter case, you may serve as a sounding board to help them overcome anxieties, fears and worries.
And yet, advisors don’t always prepare themselves. Concerns about financial stability, a fear of missing out and ultimately a worry about not being happy can cause a financial advisor to avoid even considering retirement.
(Related: Why It’s Time to Redefine Advisor Success)
In succession planning, we realize some of these fears can be overcome with proper planning and sharing of best practices. In 2018, Raymond James surveyed advisors who have retired in the past four years to gauge how satisfied they are post-retirement and to gather advice they would have shared with their pre-retiree selves about the transition to retirement.
What Your Peers Are Reading
Will Retirement Be Fulfilling?
It’s a natural question for clients and advisors alike: Will the grass be greener in retirement? The answer may serve as a relief. Most retired advisors (92%) indicated they were satisfied with their life in retirement, and of those, nearly four out of five were very satisfied. The majority of advisors cited that free time and flexibility were not only their primary reasons for retiring, but also have become the most enjoyable aspect.
Advice for Advisors
Our survey aimed to learn more about advisors’ happiness post-retirement, but also what they would have done the same or differently, knowing what they know now. Common advice emerged.
- Find the right successor.
An overwhelming majority (77%) felt they did a great job finding and preparing their successor before retirement.