Ready for Retirement? Our Financial Advisor Retirement Quiz Will Tell You

Are you a financial advisor ready for retirement? Take our quiz to find out if you have the right plans put in place.

Question 1: If you retired today, would your existing employees stay with your company?

The right succession plan doesn’t only consider the needs of your clients, but the needs of your employees as well. Employees are much more likely to stick with a company when they know what the plan is after the lead financial advisor retires. If that plan includes turning the company over to a different advisor or company, employees are much more likely to stay with the business when they understand and support the changes that are coming. That sense of security helps your company succeed long after your retirement, too.

Question 2: If you had an emergency, could your business run for six months or more without you?

One of the unique things about a financial advisor’s retirement is that they end up working hard to make themselves less important. Your retirement plans should include business continuity plans that will help your business continue on in your absence. That might be retirement or an emergency; in either case, things should be able to carry on without you. It’s time to make yourself obsolete.

Question 3: Would your clients be able to tell someone who would manage their portfolio if you weren’t around?

A good succession plan includes communicating with your clients. Once you have a solid plan made, it should be communicated to your clients. They are aware you are reaching your retirement age, so even if they aren’t asking the questions, they are wondering what’s going to happen to their portfolio. You’ll end up keeping more of your clients later in your career if they know what your succession plan is and that their portfolios are at the forefront of your mind.

Question 4: Do you have peace of mind when it comes to your retirement plans?

When you go to sleep at night, is your retirement keeping you up at night? That’s one of the biggest signs that you either aren’t ready for retirement or your plans aren’t ready for implementation. A good retirement plan should make you feel confident and give you peace of mind that your clients are going to be well cared-for by your successor.

How Did You Score on the Financial Advisor Retirement Quiz?

If you answered yes to all four of these questions, you are probably in good shape when it comes to your retirement plans. If you didn’t answer yes to all of them, though, it might be time to talk to someone who can help. advisorRETIRE™ works with financial advisors across the country to help them make the transition from successful financial advisor to being happily retired. Talk to our team today to learn more about how we can help you get the most out of your retirement planning and have all the answers that you, your employees, and your clients need during your retirement transition.