Advisors forget to plan their own futures

Half of financial advisors don’t have a written business plan, and 46% don’t have a retirement plan, reports Think Advisor.

Read: Make succession planning a priority

The lack of retirement plan is especially surprising, considering 40% of the adivsors surveyed say they want to retire in the next 14 years. The findings are from a survey by the Financial Planning Association of Research and Practice Institute.

Just 25% of advisors have a succession plan. That number goes up to 31% for pre-retirement advisors, while advisors over 65 years old have a plan 41% of the time.

Read more here.

Also read:

10 tips to prepare a business for sale

Why most advisors will never retire

Exit planning: Building your own retirement plans (Part 1)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.