While waiting for some to-go food at a local restaurant, I struck up a conversation with two 60 something ladies who were grabbing a bite to eat at the bar. They asked what I did and when I told them I was in the wealth management business they asked why I pursued that career path.

I briefly explained my reasons centering on helping people make and execute financial plans.  Also, over the next decade many financial advisors will be retiring thus leaving their clients in need of new advisors. I am in my 40’s so I see a great opportunity.

Both ladies had quizzical looks come over their faces. In that moment, they realized they had never thought about their financial advisor retiring. 

So, what should you be asking your advisor regarding their retirement?

  • What is the advisor’s overall plan for her retirement?
  • If there is a successor partner, how comfortable are you with them?
  • Is the advisor selling her practice? To whom is she selling it and are they a good fit for you?

An answer involving, “I am going to work forever so…” is not a plan. It is a vision of how the advisor sees her business winding down by slow and steady attrition. Bottom line, your advisor’s answer must have your long term interest in mind – not theirs.

One of the ladies quipped, “Well, my advisor may retire but my money can’t!”