The percentage of advisors taking succession planning seriously has grown notably over the past decade. More advisors have crafted plans or are working on them, and many wealth firms are encouraging advisor team growth and future-proofing efforts.
In 2017, only 26.8% of 548 Brokerage Report Card advisors said they had a documented succession plan. There was only a “yes” or “no” option that year, and only three dozen of the advisors who chose “no” indicated a plan was in the works or had been agreed upon informally. That meant a combined 33% of advisors either had a plan or were working on one.
In the 2026 Report Card, advisors were given three options: “yes,” “no” and “working on it.” The report found that 40.1% had a plan documented and 20.4% were working on one. Among the advisors who said “no” (39.5%), top reasons included they were too young or were still growing their businesses. Others had bought books from older advisors, being a successor themselves, and they were focusing on that process rather than thinking about their own retirement.
The age of the average advisor in the 2026 report was 51.8, but Investment Executive spoke with brokerage advisors in their 20s through 70s. The data below show that an advisor’s succession journey typically begins in their 50s, with the average planned retirement age being 65.7.
More than two-thirds (68.2%) of advisors with a documented plan were 51 or older.
Advisors who had started planning before their 50s were often influenced by personal or work circumstances that inspired them to think ahead, like a health crisis or a senior partner retiring. They also cited education by their firms and flexible resources that made preliminary planning easy.
While the 2026 report shows an increase in the percentage of advisors planning ahead, there are still mature advisors who haven’t acted. The average age of the advisor with no plan was 47.8, but that group includes professionals who are 60-plus. These older advisors with no plan said they’re aware of firm resources.
More firms rated for succession support, tools
In 2017, five of the 12 firms assessed had calculable ratings in what was then the firm’s succession program for advisors category. As of 2026, the situation has improved, with 12 of the 14 firms assessed having calculable results in the succession planning support for advisors category. (A category’s rating is only calculable if a firm provides resources, and enough advisors use and value those tools.)
In 2017, the five firms’ ratings ranged between 7.6 and 8.6 out of 10, and the performance average benchmark was 8.2. For 2026, the 12 firms’ ratings ranged from 6.8 to 9.6, and the performance benchmark was 8.4.
In both years, the succession support category’s importance average benchmark was the same at 8.8.
Some companies focus on basic templates and case-by-case advisor guidance while others have fleshed-out book transition programs. In the 2026 report, three of the 12 firms assessed this year for succession planning support listed that item as an area they’re actively investing in.
The Report Card also asked if advisors have contingency plans for emergencies. Most do, which in some cases are built into business and partnership agreements.
Among the 26.5% who said they didn’t have a contingency plan, most who commented said a plan was being discussed or drafted. Others knew their firm had a process they could lean on. This group was age 49 on average, while their counterparts who already had a plan of this kind were 53.
From a succession plan or contingency point of view, a growing cohort of advisors understand the importance of planning and are taking steps. Our 2025 Advisors’ Report Card also explored the evolution of succession planning.