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U.S. Planning Group, Inc.®

The cobbler's children go unshod

By Glenn Williams

Look up the title of this post and you will find that it means the cobbler spends so much time looking after his customers’ needs that he has no time for his children’s. I talk with a lot of advisors and I know something similar can happen in our own practices. If you are good in this business it is usually because you like helping people. You give them great service and take care of their needs. But I have found that great client service can come at a high cost to the advisor if they are not attentive to their own needs.

A recently conducted FPA study* revealed that 46% of advisors do not have a retirement plan of their own (despite 40% saying they plan to retire within the next 14 years). When asked, “What do you plan to do with your business/clients when you retire?” 17% answered, “I don’t know.”

We are planners. We are really good at planning for our clients’ retirement. But we owe it to ourselves, and more importantly to our clients, to plan for our own retirement and the transition of our business and clients to successors when the time comes.

If you do not have a written retirement and succession plan and if you are not proactively implementing those plans, you need to take action now. If you need help deciding how best to design your plans or if you need help getting started, give me a call.

*Financial Planning Association’s "The Future of Practice Management,"

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Check the background of this financial professional on FINRA's BrokerCheck