Kitces and Carl - Real Talk for Real Financial Advisors
Navigating Succession Plans When Founders Are Having Second-Thoughts On Retirement: Kitces & Carl Ep 119
Aug 24, 2023
In this episode, the hosts discuss the challenges of older advisors delaying retirement and the motivations behind succession plans. They explore the importance of clear communication and compromise in retirement planning and emphasize the need for making difficult decisions and embracing change in succession plans.
30:36
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Quick takeaways
- Honest conversations between senior and younger advisors are crucial in addressing challenges of retiring senior advisors.
- Painting a clear picture of what retirement could look like and incorporating expertise and interests into a new role can help motivate senior advisors to retire.
Deep dives
The Challenge of Senior Advisors Not Retiring
Many senior advisors in the industry are hesitant to retire and let go of their businesses. This is often because they enjoy their work, make good money, and don't have clear plans for what they would do in retirement. As a result, succession plans get delayed and younger advisors like Ryan find themselves in a difficult situation. The conversation opens up about why so many advisors struggle with retirement and why the assumption of retiring at a certain age might not be the best approach.
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