Has your financial advisor retired and didn’t tell you?

Has your financial advisor retired and didn’t tell you?

February 20, 2020

Did you know that the average age of financial advisors is over 50 and over 1/3 are expected to retire in the next 10 years (Cerulli & Associates)?  With 50 being the average age, that means many in our industry are significantly older.  For those intending to officially retire within 10 years, many of them effectively already have.

A couple of years ago, I was in conversation with an advisor regarding buying her business.  She was close to 70 and did not have a formal succession plan.  Additionally, she had no staff for support or backup.  She had not updated her website in years and was only working several days per week.  She still had a meaningful client base but was doing very little to support them.  I would argue that she had already retired but just did not tell her clients.

Our industry is rapidly changing.  Investment and technology solutions continue to evolve and offer our clients wonderful tools to help them connect better to their goals and their financial progress.  Is your financial advisor implementing these in their practice?

While you may have a wonderful relationship with your advisor, if you are feeling like they are not staying current, it is always ok to explore what else is out there.  Your future is too important to be managed by someone who may be retired just like you.

Feel free to call our office at 847-231-0990 for an initial consultation and discussion about your future. 

This commentary was created by Aspire Planning Group and is for informational purposes only. The views expressed are based on current market conditions and are subject to change. The commentary does not take into account any investor’s particular investment objectives, strategies, tax status, or time horizon. There are no assurances that the techniques and strategies discussed are suitable for all investors or that the predicted results will occur. The commentary does not constitute investment advice, tax advice, or legal advice. All investments are subject to risk, and past performance is no guarantee of future results.
Aspire Planning Group, LLC is a d/b/a of HighPoint Advisor Group, LLC (HPAG), a registered investment advisor. For current HPAG information, please visit www.advisorinfo.sec.gov and search by CRD#163768.