Leaving a Legacy: Successful Succession Planning for Financial Advisors

As an experienced financial advisor, you know how to build a successful practice by supporting your clients through each stage of their lives, and it’s important to remember how long-term planning will apply to you and your business. Cerulli reports that 37.5% of industry financial advisors will likely retire during the next 10 years, and while the short-term priorities associated with running and growing your business might feel more urgent than planning for your future succession, preparation today can help provide a smooth transition for your clients and create an enduring legacy for your practice and preserve your reputation. At Edward Jones, succession planning for financial advisors is part of our commitment to supporting clients and colleagues alike.

A Financial Advisor’s Roadmap to Retirement

Deciding when it’s time to retire from your practice is not an easy decision, let alone managing the various influences you encounter in the early stages of planning. It takes time to get comfortable with your own succession plan and feel confident in your successor’s ability to maintain the level of service your clients have come to expect. At Edward Jones, we can help you implement a clear and comprehensive plan to alleviate these concerns.

Our financial advisors are backed by firm support throughout their career trajectory at Edward Jones, which is why our structured framework for retirement transition plans is designed to empower financial advisors as they navigate their next chapter. Our roadmap thoughtfully lays out the six steps you’ll take through your retirement transition, from the inquiry and assessment stage through plan completion. This gives you the opportunity to assess the situation – deciding when you want to retire – and design the plan that works best for you.

Just as we are there to support our financial advisors with coaching and peer support when building a practice, we are also there to provide the resources and guidance necessary for successful succession planning for financial advisors.

Keys to Success(ion)

No one knows your clients and practice like you do. One way to ensure your clients are in the right hands is through a successor selection process that matches your clients with a financial advisor best suited to their needs. This a collaborative process, meaning you will play a pivotal role in ensuring the next generation has the tools and client know-how to succeed.

It is important for you to share what keeps your practice going to help ensure its future success and maintain the momentum you’ve worked hard to create. From administrative needs to client nuances, equipping your successor with the right information makes all the difference. In fact, Edward Jones’ research shows that business owner clients need support with maintaining business continuity during the transition period (57%). We also found they need comprehensive planning and ensuring adequate resources for the transition (56%). Tackling these hurdles early through constant communication helps mitigate confusion for your successor and your clients.

Whether you are considering retiring within the next decade or beyond, at Edward Jones, we support succession planning for financial advisors by helping ensure your practice and legacy continue well into the future.

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