The Independent Advisor's
Succession Plan

How to Make Retirement Transitions Easier


Some financial advisors put off their retirement because they can’t imagine life without their career. Financial advising is, to many in the industry, much more than just a job. It’s a passion and a calling, and you get to spend your days helping others make their dreams come true. It’s an incredibly rewarding and demanding career, so walking away from it isn’t as simple as it might be for someone in another industry.

But you probably don’t want to work forever, and your family doesn’t want you to, either. While being a financial advisor might be an important part of your identity, you’ve earned your retirement and deserve to enjoy a little extra down time. If you’ve found that you haven’t been able to start putting a succession plan into place because you are having trouble letting go, here are some tips that can help make these transition years a little easier.

Find the right replacement.

It’s nearly impossible for a financial advisor to walk away from their book if they don’t have the right person to take over their clients. Financial advisors are often close with their clients and consider many of them to be friends. Many who retire out of the business without finding a suitable replacement will find themselves back in business for their clients within a few years in order to make sure the financial portfolios are being handled correctly. Finding the right replacement who is a good personality match and capable of handling your book is key to being able to walk away.

Make some big plans.

If you have a retirement target date, make some big plans to take place soon after you leave your office. Maybe you’ve always wanted to go to Europe or you’ve been promising your spouse you’d go on a cruise for years. This is the time to put those plans into action. Having something big to look forward to can make it easier to retire from your business and the big event can mark the beginning of this new phase of life. When you know this big dream is finally coming true, you’ll feel better about the end of your career.

Find a new passion.

Financial advisors are a dedicated, passionate group of people. When you end your career as a financial advisor, it’s time to funnel that passion into something else. If you’ve always wanted to take up woodworking or sailing or rocketry, this is the time to make it happen. You can also dedicate your time to a cause that’s near and dear to your heart. Whatever you do, don’t just sit around. Financial advisors will quickly get bored with retirement if they don’t find new areas of interest to explore!

Having the right succession plan can make it easier to make your financial advisor retirement dreams a reality. If you are ready to start thinking about retirement, talk to the advisorRETIRE™ team. We’ll help you get started with a succession plan that makes it easier to retire and find the right replacement for your clients.














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