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Industry must make advisor succession planning a priority

By Susan Yellin | November 18 2013 06:43PM

At a time when baby boomers require more advice, the average age of today’s advisor is heading to the mid-50s, making advisor succession planning a big issue for distributors.
New advisors have to be set up for success through training and education and firms must provide the necessary infrastructure for new advisors to be able to build their business, Bill Charles, senior vice president, Investors Group financial Services Inc., told the recent IFIC conference.

“This has to be a priority for our industry, or else there’s going to be lots of assets and clients and no one to look after them.”

Manny DaSilva, president and chief compliance officer with Canfin Magellan Investments Inc. said his company has been pairing junior advisors with those who have more experience. Slowly, the senior advisors are transferring over their accounts to their more junior counterparts.

John Adams, chief executive officer of PFSL Investments Canada Ltd., said a number of advisors who started working with PFSL in the ‘80s and ‘90s are now at the point where their children are looking for a career in the same field.

“We present the position as being an entrepreneur running your own business and that does appeal to a certain segment,” said Adams.

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