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Here Are The Steps To Take When Your Financial Advisor Retires
Pennygem
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10/2/2024
PennyGem’s Elizabeth Keatinge tells us what to do if your financial advisor retires before you.
Category
📚
Learning
Transcript
Display full video transcript
00:00
You have a great plan for your future, and you love your financial advisor who's leading
00:08
the way.
00:09
But wait, this wasn't in the plan.
00:11
Your financial advisor retires before you.
00:14
Now you need, um, another plan.
00:16
Experts tell the New York Times that you need to ask your financial advisor their succession
00:20
plans.
00:21
If there's no next generation of advisors around, they're not doing their jobs.
00:25
They're not protecting the client.
00:26
Rüdiger Adolf, founder and chief executive of Focus Financial Partners, tells the paper,
00:31
If your advisor has started passing you off to a younger associate, don't worry.
00:35
That may be in your best interest.
00:37
According to MarketWatch, you should expect your advisor to groom younger associates to
00:40
play a larger role and serve you and your family for years.
00:44
According to Kiplinger, 73% of advisors don't have a succession plan.
00:49
32% of them are within 10 years of retirement.
00:52
So ask the hard questions and find out what the plan is.
00:55
It's your money and your life.
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