According to Carson International Alliance, the majority of financial advisors are currently unprepared for their exit. (See infographic).
Lack of a Marketing Plan
- 42% of advisors surveyed by Carson who were within two years of exit had not started a succession plan.
- 60% of all advisors did not have succession plan in place. For those firms that have a plan in place, though, only 7% could be realistically implemented.
- 75% of advisors have not contacted a third party firm that specializes in succession planning for an independent evaluation.
- 90% of advisor’s plans were not tied to the actual value of their business.
But there’s hope for those who have not yet planned. Advisory firm owners that have implemented a succession plan saw, on average, three times the revenue and twice the profits of business owners that planned ad hoc.
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