IG Wealth Management Advisors Highlight Succession Planning Gaps
Event summary
- 31% of Canadian advisors plan to retire within 10 years, yet 44% lack any succession plan.
- 70% of advisors prioritize client care in succession planning, but 57% rate dealer support as 'fair or below'.
- IG Wealth Management is investing in structured succession programs to address these gaps.
- Late-career advisors (within 5 years of retirement) rank succession planning support as their top priority.
The big picture
The study underscores a critical gap in succession planning support for Canadian wealth advisors, with nearly one-third nearing retirement and half lacking any plan. This trend highlights the need for structured transition frameworks to preserve client trust and practice value. IG Wealth Management's response reflects broader industry efforts to modernize advisor support models amid an aging advisor population and evolving client needs. With $173 billion in assets under advisement, the firm's actions could set a precedent for succession planning standards in the wealth management sector.
What we're watching
- Execution Risk
- Whether IG Wealth Management can effectively implement structured succession programs to meet advisor demands.
- Client Retention
- How seamless client transitions will impact advisor practice valuations and long-term client relationships.
- Industry Benchmarking
- The pace at which other wealth management firms adopt similar succession planning support models.
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