Advisors are notoriously good at helping clients plan for retirement, but when it comes to their own retirement, many leave it until the last minute. In fact, about half of advisors don’t have a written succession plan in place, according to a recent survey.
CLS Investments, a third party money manager and ETF manager, surveyed 117 independent advisors recently about their retirement readiness. The full results can be found here.
CLS found that many advisors are depending on the sale of their business to fund much of their retirement.
“It is clear to us that independent advisors need a wake up call – they are relying overwhelmingly on their businesses to fund their retirement,” said Todd Clarke, CEO of CLS. “But they fail to account for the fact that should something happen to them, or if their business does not sell for the right price, they, like most Americans will be woefully underfunded for retirement.”
How do you stack up to your peers on retirement readiness? Here are some highlights from the study.Start slideshow