The Advisor Institute: Coach's Corner
Succession planning. Never too early? Maybe too late?

Practical messages intended to help you elevate the success of your practice.

The views expressed in these posts are those of the authors and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Eaton Vance are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Past performance is no guarantee of future results.

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      By David GordonDirector, Eaton Vance Advisor Institute

      From a client retention standpoint, it's important for advisors who are contemplating retirement to have a succession plan. Consider this:

      • "More than 111,500 financial advisors are expected to retire over the next decade"1
      • Of those expecting to retire, "22% have no concrete succession plans"1
      • "Attracting new advisor talent to replace retiring advisors"1 is a challenge facing advice firms

      Here are four questions for you to consider:

      1. If you are approaching retirement, what are you doing to attract younger advisors to your practice so your clients enjoy continuity of care that also benefits you?
      2. If you are one of the scarce younger advisors in the business, what are you doing to connect with retiring advisors and offer yourself as a succession plan?
      3. If you are somewhere in the middle — neither new to the business nor contemplating retirement — what can you do to initiate the connection between retiring and younger advisors?
      4. Wherever you are in your career, how can you harness technology to continue the succession planning process during social distancing?

      With more advisors leaving the business than joining it, contraction is inevitable. This reality creates opportunities for advisors at all stages of their careers, but the number of such opportunities is limited. Like musical chairs, they will disappear on a first-come, first-serve basis. Advisors who ignore this moment do so at their own peril.

      Bottom line: There has never been a better time than right now to create a succession plan. If you aren't already part of a succession plan — yours or another advisor's — find a chair before the music stops.