While they're busy helping their clients think about how to prepare for their retirements, advisors apparently aren't giving a whole lot of thought to their own long-term plans.
So says research from CLS Investments, which found in a survey of 117 independent financial advisors that many have been relying too heavily on how much they might get from selling their practices. That causes many of them to put off a succession plan altogether.
CLS cited figures from Pershing Advisor Solutions and Moss Adams indicating that only 28.7 percent of advisors have defined or implemented a succession plan. CLS's own survey results reflected a lower number — only 17.8 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
