ThinkAdvisor reports that many successful advisors struggle to plan for their own retirement. According to Casey Jorgensen, head of the Dynasty Institute for Adaptive Leadership, the reason advisors resist retiring is rooted in psychological factors.

Despite the anticipated :silver tsunami" of advisor retirements, the actual rate of retirement has not matched expectations. Jorgensen explains that the reluctance to retire is not due to a lack of interest or potential buyers for their practices. Instead, it stems from advisors' fears of losing their identity, purpose, and income stream. They are also concerned about the impact their retirement will have on clients and the difficulty of finding qualified successors.

According to ThinkAdvisor, this psychological barrier creates challenges for firms and potential successors, who often become frustrated with the lack of succession planning. In some cases, this frustration leads them to leave and start their own firms. Advisors' reluctance to retire also raises concerns about business valuation and client relationships, particularly when an aging advisor has not communicated any succession plans.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.