The secrets to your success(ion)
May 22, 2014 by David Port
It easily could have been dismissed as just one more study from yet another consultant trying to build a buzz around a seemingly inconsequential subject.
But when the global analytics firm Cerulli Associates projected in a February 2014 report that 1 in 3 financial advisors (32 percent) in the United States plans to exit the business within 10 years, it may have drawn much-needed attention to an issue that, if left unaddressed, could cause serious headaches for advisors of just about every ilk, regardless of their skillset, track record, area of specialization or experience.
One way to keep the concern about inadequate succession planning in the advisory community from escalating into a full-blown crisis is for individual advisors to take it upon themselves to confront the issue head-on in their own practices.
