Anticipating a mass retirement of financial advisors, a group of former Morgan Stanley complex managers has left to start their own independent firm to get ahead of the trend. The focus—luring experienced senior advisors looking to exit the industry.

"With the average age of a financial advisor now over 60, and the massive wave that represents, our industry is facing a major crisis that has not been addressed to the complete satisfaction of advisors and their clients," says Michael Maurer, a founding partner and chief executive of Steward Partners Global Advisory, which clears through Raymond James. "Advisors are demanding a more comprehensive solution that provides greater diversification of retirement income with the flexibility required to help ensure their business stays intact and their clients are in good hands."

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