The prospect of retirement can feel very distant for many advisers. With the ongoing demands of clients, regulatory responsibilities and day-to-day pressures of running a business, long-term planning for a time that is years in the future can seem like a waste of time. But in a profession where relationships, continuity and trust are everything, it’s never too early to start thinking about what a potential exit could look like.
That said, there are a lot of advisers who are far closer to retirement than they are to the start of their careers. Research from Opinium shows 76% of advisers expect to retire within the next 10 years, with almost a third of those planning to do so in the next two to five years.
That’s a substantial shift in the adviser landscape, and one that poses challenges not just for the individuals themselves but also for the wider industry, the firms they work within, and the clients they’ve built relationships with over many years.
What’s even more striking is the gap between intention and action. While a large proportion of advisers are preparing to leave the industry, more than half have yet to inform their clients of these plans. That leaves a huge number of clients potentially facing a future without clear support, and employees possibly unsure of their long-term prospects within the firm.
THE NEED FOR A PLAN
In a time where trust and stability are more important than ever, the absence of a clear plan can undermine the very foundations many advisers have spent decades building.
This isn’t just about succession. It’s about legacy. Advisers often dedicate their careers to growing a business that reflects their values, which offers personalised advice, and supports both clients and colleagues. Handing over that responsibility is never easy. But starting the planning process early allows for more control, more choice, and ultimately a more successful transition.
Planning ahead also means creating tangible goals. For some, it might involve grooming a successor or business partner to take over. For others, it might mean selling their client book or gradually stepping back while remaining involved in a consultancy or mentoring capacity. There is no one-size-fits-all model, and the earlier you start thinking about what your version of retirement looks like, the more tailored and comfortable the solution can be.
For advisers still years away from leaving the industry, knowing what’s available can also influence how they grow their business. Decisions around staffing, systems, compliance and client relationships all become easier when they’re made with a future goal in mind. Having that clarity can be both motivating and grounding, especially during periods of market volatility or operational stress.
NEED FOR TRANSPARENCY
Communication is another critical piece of the puzzle. Being transparent with clients and employees about future plans isn’t a sign of weakness, it’s a mark of leadership. Clients want to know they’ll be looked after. They value continuity, not just in service but in values. Employees, too, benefit from understanding where the business is heading, what opportunities might arise, and what their role could be in shaping that future.
As retirement approaches, having documented processes, clear client records and robust systems in place will make any transition smoother. It will also make your business more attractive to a potential buyer or successor. A well-prepared firm shows professionalism and foresight, which can translate into better outcomes for everyone involved.
The wider industry also has a role to play. With fewer new advisers entering the profession and many veterans preparing to step away, we face a potential shortfall in capacity and experience. This underlines the need for networks like ourselves to have propositions such as The Right Retirement in order to be ready to assist advisers in their transition to retirement and to nurture new talent coming through. That could mean better training, more flexible working models, or more collaborative approaches to succession.
Whether you’re five years out or 20, starting the retirement conversation today will put you in a stronger position tomorrow. It allows you to shape your exit on your own terms, protect the relationships you’ve built, and ensure your business can thrive even when you’re no longer at the helm.
Retirement might not be around the corner, but it’s always closer than it seems. The earlier you start thinking about your legacy, the better prepared you’ll be to leave the profession with confidence and pride, knowing you’ve done right by your clients, your colleagues, and yourself.
