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OneDigital CIO Discusses Senior Financial Advisors and The Need for Succession Planning

According to Cerulli Associates, 26% of advisors retiring in the next 10 years do not have a succession plan.

More advisors are retiring, leaving positions to be filled and succession plans to be made. OneDigital Retirement + Wealth’s CIO Saumen Chattopadhyay states that there are a few main paths for succession plans. Internal succession, generally from a Senior Advisor to a younger advisor, is the most common practice. In the BenefitsPro article, “How Senior Financial Advisors Can Transition Clients to Younger Staff," Saumen notes that there are many aspects that go into a successful succession plan.

Succession planning is not all about the advisor; it is about keeping in mind what is in the best interest of your clients and who would be the best candidate for that goal.

The thrust of the matter is success planning is all about the clients’ best interests. Financial advice is predominantly a relationship-centric business. For the transition plan to succeed, it’s important for the young advisors to show a high level of client commitment to clients, their families and financial plans for the future.
— Saumen Chattopadhyay, Chief Investment Officer, OneDigital Retirement + Wealth

Read the BenefitsPro article here.

Want to read more from our wealth management team? Check out this recent article: What Every Plan Sponsor Should Know About Collective Investment Trusts.

Investment advice offered through OneDigital Investment Advisors, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.