In the past few years, I’ve noticed that it’s become more common for older advisors to gradually spend fewer hours at the office, instead of setting a specific date for their retirement. While that may seem like a graceful way to ease out of the business, it’s actually not the best approach, in my view.
Advisors planning to retire should formulate a clear succession plan for their firms, as this does much more than provide direction for junior partners and associates; a strong succession plan protects your clients and helps grow your business. And from a more personal point of view, it provides a step-by-step guide to retirement by helping you map the stages of your transition.
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