Some firms want aging advisors to consider their retirement an opportunity to sell their business, and give younger advisors the chance to take over a successful practice.

If you're considering setting up a cozy hammock under a shady palm tree, or spending more time with the grandkids, give yourself plenty of time to plan a proper exit strategy. Industry observers say it's better to plan and get that essential work done than to wait until there's a situation that forces an advisor to retire hastily.

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