man panicking

What If Your Trusted Advisor Retires?

I was recently delighted to hear of the retirement of one of my fave estate planning attorneys.  I’m so happy for her to reach this milestone.

Then, I heard from her successor that some of the attorney’s clients were really angry about her retirement.  My delight was diminished.

Yes, change is hard.  It’s not fun to start anew with a trusted advisor that you don’t even know, let alone trust.  However, let’s put this in perspective.

  • If you were 60 years old when you created your most recent estate/financial/tax plan, and you wanted an experienced person to create that plan, he or she must have been 45-55 years old.
  • Say your life expectancy is 95.
  • Do you really expect your estate/financial/tax planner to still be working at 80-90?
  • If they are still working at that fine age, are they actually very good at their job?

What to do when the disruption happens?  Here are some options:

  1. Trust that your retiring advisor has taken some time to vet their successor and give that person a chance.
  2. If you aren’t connecting with the new gal/guy, ask your YOUNGER friends for referrals to their advisor. Chances are they will have some good ideas of advisors that are in their 40s-50s, giving you a new 10-20 year runway.

Above all, be gracious and congratulate your retiring advisor.  They have worked hard and deserve to enjoy their golden years, just like you.

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Kristi Sullivan

My name is Kristi Sullivan and I have been helping people achieve financial security since 1996. I am a fee-only financial planner and public speaker. I do no investment or insurance sales for commissions. My clients pay me for guidance through their financial questions. I also work with employers to educate their employees about personal finance. I have been helping people make financial decisions for 18 years. I have worked in employee benefits and with individual clients/families. I hold the Certified Financial Planner designation. Sullivan Financial Planning, LLC is a Registered Investment Advisory firm with the State of Colorado. Areas of expertise include prioritizing savings goals, investment allocation, and wealth manager searches.