What happens if an advisor dies prematurely?
What happens if an advisor gets sick or injured and can’t work?
Heirs often have no knowledge of the industry and it will be very difficult for them to make a decision about what to do with the block of business.
Licensed advisors in Canada
Advisors are active
Of an advisor
Only 16% of these 40,000
(6400) have succession plans.
Only 10% of the 16%
(640) have identified successors.
Like the cobbler’s son, advisors have done a poor job of preparing for their own retirement.
It’s possible for principals to avoid the temptation of staying in business too long if Advisors stick to some golden rules, but they often fail to do so because of these 7 sins:
Only 16% have succession plans; they either…
84% are either not looking (do nothing), or have thought about identifying an appropriate successor, but…