“How to Deal With an Aging Advisor Force and Aging Clients”

How to Deal With an Aging Advisor Force and Aging Clients,” by Bernice Napach, ThinkAdvisor


“More than one-third of financial advisors, or 111,500-plus, will be retiring this decade, along with many of their clients, creating a number of dramatic challenges for the industry. Firms will be faced with retaining the assets of retiring advisors, which account for almost 40% of all advisor assets, managing the shrinking or slower growing assets of existing, aging clients, and attracting newer, younger advisors to help run the business and draw in the heirs of current clients. Nearly $70 trillion in assets is expected to be transferred from aging households to their heirs and charities over the next 25 years, with $51 trillion coming from baby boomers, according to a new report from Cerulli Associates.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

What happens as advisors of the aging age themselves?