My Financial Advisor Is Retiring: What to Look for in a New One
A significant transition in the advisory industry
Over one-third of financial advisors in the United States are expected to retire within the next ten years. If your advisor has told you they are stepping back — or if you have noticed a shift in the service you’re receiving — you are not alone. This is one of the most common conversations we have had with South Jersey families over the past several years.
Finding a new advisor is not just an administrative task. It is a decision that will shape how your retirement income, your estate plan, and your tax strategy are managed for the next decade or more. Here is what we recommend looking for.
Credentials that matter: what to verify
The CFP® (Certified Financial Planner) designation is the most widely recognized credential in comprehensive financial planning. A CFP® has completed specific education requirements, passed a rigorous examination, and is held to a fiduciary standard — meaning they are required to act in your best interest.
Depending on your situation, other credentials are also meaningful:
- ChFC® (Chartered Financial Consultant): advanced financial planning, particularly around retirement and estate issues
- AEP® (Accredited Estate Planner): specialized estate planning expertise — fewer than 2,000 advisors in the country hold this designation
- CLU® (Chartered Life Underwriter): advanced life and long-term care insurance planning
- CDFA® (Certified Divorce Financial Analyst): specialized expertise in divorce financial planning
You can verify any CFP®’s status and disciplinary history at cfp.net, and any advisor’s registration and disclosures at BrokerCheck.FINRA.org.
The single-advisor risk vs. the team approach
One of the most important but least-discussed questions in choosing a new advisor is: what happens to your financial life if this advisor gets sick, retires, or leaves the firm?
A single-advisor practice — where one person is the center of all client knowledge, relationships, and planning — creates a succession risk that is identical to the problem you are already facing. When that person leaves, so does the institutional knowledge of your situation.
A team-based practice distributes client knowledge across multiple advisors. When you work with a team, your financial plan, your preferences, your family situation, and your goals are known to multiple people. No single departure disrupts your continuity.
This is a fundamental structural question worth asking explicitly: “If you were no longer available, what would happen to my account and my plan?”
Questions to ask in a first meeting
When evaluating a new advisor, these questions will help you understand whether the fit is right:
- Are you a fiduciary at all times, or only in certain contexts?
- How are you compensated — fee-only, commission, or a combination?
- What does your planning process look like from start to finish? Do you provide a written plan?
- Who else on your team would work with me?
- How do you coordinate with my CPA and estate attorney?
- What is your succession plan if you retire or leave?
- What are your specific credentials, and how long have you held them?
- Do you specialize in clients like me — in terms of age, assets, or planning complexity?
What a transition involves practically
Moving to a new advisor involves transferring your accounts, updating your financial plan, and rebuilding the advisor’s understanding of your situation. A well-organized transition takes three to six months and should include:
- A comprehensive review of all existing accounts, beneficiary designations, and estate documents
- A full update to your retirement income projection and tax strategy
- Introduction to any other team members who will be involved in your planning
- Coordination with your CPA and estate attorney so the transition is seamless
A good advisor will not rush this process. They will take the time to understand your complete situation before making recommendations.
The WealthCare perspective
At Family Wealth Management, we regularly work with South Jersey families who are transitioning from a retiring advisor. Our team-based model — four advisors with complementary specializations, all familiar with each client’s situation — is specifically designed to address the continuity risk that a single-advisor practice creates.
Marty Higgins has been serving South Jersey families since 1999. Our team includes Michael Einhorn, CDFA®, Scott Mahoney, CFP®, and Scott Higgins, each with distinct planning specializations. When you work with Family Wealth Management, you work with a firm — not a single person.
What to do next
If your advisor is retiring and you would like to speak with our team about whether Family Wealth Management is the right fit for your situation, we welcome that conversation. There is no obligation. Call (856) 988-7722 or visit familywealthadvisory.com.