Here Are The Steps To Take When Your Financial Advisor Retires

PennyGem’s Elizabeth Keatinge tells us what to do if your financial advisor retires before you.

Transcript

00:00You have a great plan for your future, and you love your financial advisor who's leading

00:08the way.

00:09But wait, this wasn't in the plan.

00:11Your financial advisor retires before you.

00:14Now you need, um, another plan.

00:16Experts tell the New York Times that you need to ask your financial advisor their succession

00:20plans.

00:21If there's no next generation of advisors around, they're not doing their jobs.

00:25They're not protecting the client.

00:26Rüdiger Adolf, founder and chief executive of Focus Financial Partners, tells the paper,

00:31If your advisor has started passing you off to a younger associate, don't worry.

00:35That may be in your best interest.

00:37According to MarketWatch, you should expect your advisor to groom younger associates to

00:40play a larger role and serve you and your family for years.

00:44According to Kiplinger, 73% of advisors don't have a succession plan.

00:4932% of them are within 10 years of retirement.

00:52So ask the hard questions and find out what the plan is.

00:55It's your money and your life.