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Friday April 18th 2014

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Financial Advisors Not So Good at Planning their Own Retirement

moneyburdenFinancial advisers continue to put off planning their own retirement even though an overwhelming majority of them are at least 50, a new survey shows. About 68% of advisers have no formal succession plan for their business, according to an SEI survey of 100 advisers released today. Of those who have a plan, about 39% said they still aren’t sure exactly to whom they’ll transition their business when they go. About 47% of advisers who have a succession plan said they expect to transition their businesses to an “identified internal buyer,” and 14% plan to sell to an “outside buyer,” according to a recent report at www.investmentnews.com.