This month's new Financial Planning’s survey on RIAs reveals that more than a third of the largest advisory firms are experiencing a decline in assets and revenues. Why? I believe that the financial planning profession has reached an inflection point. The rate of change is now rising faster than the ability of aging baby boomer founders to adapt.

We’ve all seen this in individual cases. Think of that well-known planner who was considered a leader in the profession 10 or 15 years ago and now is invisible and irrelevant. It happens whenever people think they’ve reached their professional destination — that glorious time when they finally don’t have to change how they operate. It used to be that the profession leaves them behind gradually. Now it happens much more quickly.

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