How to address a difficult scenario
But your adviser’s retirement plans matter, too. If you’re interviewing 50-something advisers to see if they’re a fit for your needs, ask how long they plan to continue working. If you currently have a veteran adviser, find out how much longer they plan to continue working and what their succession plan is on retirement.report
in 2022, the average age of advisers was 50.6, up from 49.2 in 2014. A reader recently offered some perspective on what the aging advisory population means to clients. This reader said recent messaging from his adviser suggests he might be getting ready to retire. What’s the best approach to dealing with this situation, which is complicated by the fact that the adviser is doing good work and this reader has had some dud advisers in the past?community.
Feeling awkward about asking your adviser about his or her retirement? Frame your question by saying off the top how much you appreciate your adviser’s work. Your concern is maintaining that high standard into the future. Asking about succession is a totally legitimate thing to do as an engaged client. In the adviser’s response to this question, look for a sense that some effort has been put into finding a good fit for your account and others. Advisers selling their book of business may sometimes look for the best payout above all.
Not liking what you hear when your adviser talks about succession? While changing advisers is a major undertaking, it may be the right call if you can’t see yourself working with your adviser’s chosen successor.
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