Financial advisors as a group are growing old in a line of work with a very slow replacement rate.  According to Accenture, the average age of a financial advisor in the U.S. is 50 and advisors above the age of 60 control $2.3 trillion of client assets.

Actions to take if you have an older advisor

• Understand the coming transition.  Ask your advisor about her or his retirement date and how your account will be handled.  Do you want to stay with the firm or try some place new?
• Look for an upgrade. You may like your current advisor but there’s always room for improvement.  If you stay put, this is an opportunity for you to reset expectations and articulate your changing needs.
• Ask questions.  If you get notified about a transition in your retiring advisor’s office, you want to know all your options.  The office staff will likely be very busy managing the various processes and may not give you the attention your deserve.

For the record, the advisors at NorthStar Capital Advisors are in their low 40s.  In other words, we’re not retiring any time soon!