Edward Jones Research Reveals Lack of Preparedness Among Financial Advisors for Succession Planning
New research from Edward Jones, in partnership with Morning Consult, highlights a significant succession planning gap among financial advisors. While most recognize the importance of preparing for retirement or transition, only 42% have fully documented and legally formalized plans. Nearly six in ten senior advisors expect to retire within five years, yet many are delaying action due to emotional and logistical barriers. The study identifies key obstacles such as difficulty finding a trusted successor (61%), concerns about valuation (27%), and the complexity of planning itself (71%). Emotional challenges around stepping away from long-held client relationships also play a role. Despite these hurdles, 86% of junior advisors express interest in taking over established practices. The findings underscore an urgent need for firms to provide structured support—both practical and emotional—to help senior advisors transition their businesses smoothly.
Topics: financial advisors industry research retirement trends succession planning