As I reflect on my 10 years in wealth management, I recall my early enthusiasm for helping financial advisors transition to retirement in an impending “silver tsunami.” But it hasn’t happened. This wave of older advisors winding down their careers has crashed into a barrier few had anticipated: a wall of resistance to retirement itself. This reluctance, surprisingly common among advisors, underscores a paradox.
Our work centers on guiding clients through the complexities of retirement planning so they’ll be ready, financially and emotionally, for a significant life-stage transition. And we know that even the best retirement plans falter when the client doesn’t embrace the prospect of entering a new phase of life. Yet we experience a similar disconnect when it comes to our own retirements, even where robust succession plans are in place.
This points to a need for support and education on the emotional challenges we face when preparing to retire from careers in wealth management.
“There’s Only so Much Golf I can Play”
When talking about succession planning with advisors, I like to stress the importance of having a formal plan — one that’s a proactive strategy involving a clear commitment to a retirement date rather than a reaction to a catastrophe — a health scare, for example. But many advisors seem to rely on a strategy of retiring through attrition by gradually reducing their workload as their client base ages. This approach may seem less daunting, but it’s too risky because it can have negative impacts not just on clients and work colleagues but also on their own families and the valuation of their firms.
Despite recognizing these drawbacks — and despite the SEC’s requirement for succession planning as a fiduciary duty — many advisors continue to avoid formal retirement planning. The industry, focused on well-known issues like the difficulties of finding qualified successors or navigating the financial logistics of buyouts, simply fails to address the deeper, more personal fears that lurk below the surface.
I’m referring to fears such as that of losing one’s identity or sense of purpose in retirement, of having nothing meaningful to do, of having less money, and of having to re-negotiate family dynamics. To this end, advisors tell me things like, “There’s only so much golf I can play,” “I don’t want to be a burden on my wife and grown kids,” and “I’m nervous about not having a clear-cut income stream.” These statements reveal the personal struggles that many face as they consider stepping away from a career that has defined them.
Seize This Opportunity for Reinvention
“One advisor I worked with was so entrenched in his daily routine that, despite retiring on a Friday, he found himself back in the office the next Monday morning.”
In a story emblematic of this phenomenon, one advisor I worked with was so entrenched in his daily routine that, despite retiring on a Friday, he found himself back in the office the next Monday morning. The fact is, advisors’ routines and identities as wealth managers, cultivated over years, often become inseparable from them as individuals. This connection is so strong that the prospect of disconnecting feels nearly impossible. The idea of not having a place to be, people to see, or decisions to make can be more intimidating than any other concerns linked to retirement.
The story of the retired advisor who couldn’t stay away from the office highlights the necessity of acknowledging and addressing the deep-seated habits and needs of advisors as they approach retirement. It’s not just about handing over a business. It’s about understanding and planning for the psychological adjustments that always come with it. Advisors need support crafting post-career lives that continue providing them with structure and meaning.
To advisors silently grappling with these anxieties, my message is one of encouragement and reassurance. You’ve achieved remarkable success. You’ve built robust businesses and meaningful relationships. You’ve made a tangible impact on the lives of countless clients — all while providing for yourself and those who count on you. Celebrate your legacy, you deserve to. But don’t let the fear of the unknown tether you to your work forever. Life is to be lived, not just worked through.
There’s a Whole World to Discover
I encourage advisors to consider their transition to retirement as an opportunity for reinvention and discovery. Start with small steps: sleep a little longer, schedule long-postponed doctor visits, start that exercise program, get outside, and consider roles in the community. Explore hobbies that pique your interest. Write that book you’ve long pondered, mentor the next generation, or even start an entirely new venture. Your retirement options are as expansive as you want them to be. And remember, these activities aren’t just ways to fill time, they’re runways to personal growth and long-term satisfaction.
Planning for retirement isn’t just a fiduciary duty to your clients. It’s a duty to yourself. Give yourself the space to learn, take action, and thrive. It may seem overwhelming, but it promises to be one of the most rewarding chapters of your life. Don’t let uncertainty hold you back from experiencing the full breadth of what your post-advisory life has to offer. Embrace the opportunity, and step confidently into the future.
Casey Jorgensen is head of the Dynasty Institute for Adaptive Leadership at Dynasty Financial Partners.
