PennyGem’s Elizabeth Keatinge tells us what to do if your financial advisor retires before you.
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00:00You have a great plan for your future, and you love your financial advisor who's leading
00:08the way.
00:09But wait, this wasn't in the plan.
00:11Your financial advisor retires before you.
00:14Now you need, um, another plan.
00:16Experts tell the New York Times that you need to ask your financial advisor their succession
00:20plans.
00:21If there's no next generation of advisors around, they're not doing their jobs.
00:25They're not protecting the client.
00:26Rüdiger Adolf, founder and chief executive of Focus Financial Partners, tells the paper,
00:31If your advisor has started passing you off to a younger associate, don't worry.
00:35That may be in your best interest.
00:37According to MarketWatch, you should expect your advisor to groom younger associates to
00:40play a larger role and serve you and your family for years.
00:44According to Kiplinger, 73% of advisors don't have a succession plan.
00:4932% of them are within 10 years of retirement.
00:52So ask the hard questions and find out what the plan is.
00:55It's your money and your life.