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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access