Contingency Plans: Does Your Advisor Have One?
By: David Smyth, September 19, 2014
Did you know that the average age of a financial planner today is over 50? According to data from the research firm Cerulli Associates, not only are financial planners expected to retire in droves over the next 20 years, many have not trained successors or put in place a plan to ensure their clients are taken care of.
Ponder this: Is your financial planner more concerned with his or her own retirement than yours? These questions are shaking the financial planning industry to its core.
Here at Family Financial Partners, we believe that contingency plans are of the utmost importance, not just in case something happens to you, but in the event of something happening to the people you trust with your assets. Our team approach allows any member of our family to take care of you should something happen to one of us.
Interestingly, one of my clients came into the office recently and posed this very question to me: “What is your contingency plan for me?” he asked. I smiled and was pleased to say that moving to our new office was part of our contingency plan for our client families. Now that we have room to grow, we are actively recruiting established advisors to join our team. We also want to be the contingency plan for other financial planners as they near retirement. Do you know a seasoned financial advisor? I’d appreciate you letting me call that person up and take him or her out for a cup of coffee. Of course I’ll keep your name confidential, but you, our client families, are often our best resource for new contacts. We’re growing; you can help.
Our clients know our process well, but if you’re not yet a client, this means that our team will help you evaluate where you are financially, explore where you’ve been, and then look ahead with you as you tell us your vision for the next five, 10 or 20 years. Making sure we know your goals and keeping us updated on how those goals are changing is a key component of the financial planning process. This allows all of us to hold each other accountable as you strive for your ideal retirement.