Is your financial adviser retiring? Here’s what you need to do.

If you’ve worked with an older financial adviser or the same financial adviser for years, you might find yourself facing their retirement. A lot can ride on this decision, especially if you are facing a financial shift in your working or personal life, such as a promotion, growing family, or even a retirement of your own. So what should you do?

Two things to do when your financial adviser is retiring

1. Ask about a succession plan

In order to protect your wealth, you need to be sure your adviser has a plan for when they are no longer in practice. A succession plan is an essential part of solid financial planning, for both you and your adviser. They should be able to clearly explain their well-considered succession plan – who will take over their book? When? And what does that mean for your portfolio? An adviser who truly cares about their clients will have this plan in place and will take the time to explain it to their clients.

2. Assess the suggested replacement

While you might trust your financial adviser, it is important to evaluate their suggested replacement as you would a brand new adviser looking to add you to their book. Meet with the new adviser and make sure they are a good fit for you, your wealth plan, and that they share the same philosophy and approach as your previous adviser to ensure you receive the same (or even better) advice and service. Not sure it’s a good fit after all? This is also a great time to consider if your financial planning needs have changed over time and what that means for any future financial adviser relationships.

Every working professional needs to work with a professional financial adviser who can help them manage their wealth. So, if your adviser is retiring, you need to replace them as soon as possible. Looking for reputable wealth management advice? As independent financial advisers, we specialise in the finances of working professionals and aren’t tied to any one product or provider. This means we can provide you with a private wealth experience that gives you security today and prosperity in the long-term.

Looking for a new financial adviser? We specialise in wealth management for working professionals.