Recognize the Phase of Your Financial Advisory Business. If you are a financial advisor and been in the business for 20+ years you may have already been thinking of either selling your book or ways to reduce your workload to have more free time or even retire.
Still many of you put the thought of selling your book of business or drafting and implementing a succession plan to the backburner.
Since the mid-1990 compliance changes in the industry have significantly increased the time financial advisors need to devote to compliance matters and also their costs have gone up. Moreover, on the revenue side, financial advisors are facing lower commissions and fees.
Given the above, it is a bit surprising that while the average age of Canadian financial advisors is over 50 years and getting older, many of them still do not have a proper succession plan or an exit strategy. The following article published in “The Investment Executive” and written by: Ramona Leitao on August 24, 2018 writes about the on-going trend of increasing average age of financial advisors and the issues many of them are facing over the age of 55: https://is.gd/agingadvisors .