11% of Advisors Plan Family Succession as 1 in 3 Near Retirement
Updated
Updated · Wealth Management · Aug 10
11% of Advisors Plan Family Succession as 1 in 3 Near Retirement
1 articles · Updated · Wealth Management · Aug 10
Summary
More than one-third of financial advisors are expected to retire over the next decade, pushing firms to prepare family members for leadership and ownership transitions.
About 11% of advisors with a succession plan intend to hand their practice to a relative, aiming to preserve culture, values and long-standing client relationships.
Clear role definitions, structured development plans and regular feedback are presented as the first guardrails against blurred expectations and family-business tension.
Outside coaching, peer networks and deliberate chances to lead client meetings or strategy work can help next-generation advisors build independent credibility and management skills.
Done well, multigenerational succession can reassure clients that advisory relationships will extend across their own families, from parents to children and grandchildren.