A Cerulli study shows that of the roughly 103,000 advisers who plan to retire by 2030, 26% are unsure of their succession plans.
“How do I sell my financial advisory practice or book of business?” Vance Barse, CPWA®, AIF®, who has lectured on succession planning and successfully acquired a retiring advisor’s practice, outlines succession planning strategies for financial advisors and wealth management firms in his latest article for InvestmentNews.
Data from a 2020 Cerulli Associates research paper, “The Impending Succession Cliff,” shows that while marked improvement has been made in recent years, our industry is still facing a succession planning crisis. Cerulli estimates that roughly 103,000 — nearly 40% of the approximately 260,000 financial advisers in the U.S. — are going to retire by 2030, 26% of whom are unsure of their succession plan. These 26,000 advisers represent a whopping $1.8 trillion in assets. Houston, we have a problem.
See Our Succession Planning Crisis in InvestmentNews.