Cerulli: One-Third of Advisors to Leave the Business by 2024

About 98,500 advisors, or 32 percent of the total advisor population, plan to retire or exit the business in the next 10 years, a new Cerulli Associates report found. The average advisor in this industry is in their mid-50s and ticking upwards, yet only 29 percent of advisors have a succession plan, according to Moss Adams.

More than a quarter of advisors plan to sell to an existing partner, while 14 percent plan to sell to an outside buyer but haven’t identified that buyer yet, said Kenton Shirk, associate director at Cerulli. But among independent broker/dealer advisors, dually registered advisors and RIAs, greater than 20 percent haven’t identified an outside buyer.

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