A Succession Crisis Faced by the Advisory Industry

Posted on February 13th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to a report from Cerulli Associates Inc., there are more than $2.3 trillion in assets managed by advisors 60 and older, but less than 25% of those advisors have a succession plan.  Moreover, more than one-third of U.S. financial advisers are planning to leave the business within a decade while the demand for professional advisors is increasing. The report warns that advisors need to develop a succession plan before they retire, even though the task of recruiting and training new talents is complex and time consuming.

Notably, the execution of a succession plan can take a year or longer, particularly for advisers with unique specializations, diverse business lines or out-of-the-way locations. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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