From the Desk of Jim Eccleston at Eccleston Law Offices:
According to a report from Cerulli Associate 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.
