"Others may prefer to adopt a phased approach that will enable them to gradually reduce their hours or work part-time and tie up ‘loose ends’ before taking full retirement."
Every January, the start of a new year ushers in a desire for change and presents an opportunity for people to start afresh as they reassess their life priorities and consider their hopes and ambitions for the year ahead.
For those advisers approaching retirement, the time spent with family over the festive season can often present an ideal opportunity to discuss when and how they may want to exit the workforce and start making plans for how they want to spend their later years.
Deciding when to take retirement is not an easy decision as it requires a significant amount of strategic and financial planning to ensure a smooth transition. Many advisers will have spent decades cultivating strong relationships with their clients and will want to ensure their needs will still be met when they are no longer around.
Similarly, while some advisers may be happy to leave the industry completely in one fell swoop, others may prefer to adopt a phased approach that will enable them to gradually reduce their hours or work part-time and tie up ‘loose ends’ before taking full retirement.
Either way, planning ahead is crucial and for those advisers considering their retirement options in the new year, having an effective and workable retirement plan in place is essential in order to make the transition as smooth as possible for both them and their clients.
This is particularly important for those advisers with small businesses that only have a few employees or for those advisers that operate as sole traders. It is also an important consideration for any adviser who would like to retain an income in their retirement years.
It is here that The Right Retirement package from The Right Mortgage may help to provide a solution for those advisers considering retirement as there are a range of different options available to those considering leaving the workforce in the next few years.
This includes a full retirement plan for those looking to completely retire from the industry as well as a hybrid service option for those who would prefer to gradually reduce their working hours over time. In addition, there is also a locum service option available for those advisers wishing to continue to work on a part-time basis.
Any adviser joining the service will receive 50% commission for all new business transacted through the plan and 75% commission for any renewals. This agreement remains in place even after the adviser has fully retired, which means they can continue to earn a passive income from existing clients and any new clients they may refer even after they stop working.
One of the many benefits of joining the service is that it is fee-free and has no contractual tie-ins, which makes it an attractive proposition for those advisers looking to test the water while they explore all their options.
It is also an ideal way for advisers to see first-hand the high-level service their clients will experience from within the business as well as the quality of financial advice available from our network of qualified advisers. This can help to provide reassurance that their clients will be well looked after once they have left the industry.
For advisers approaching the stage in life where taking retirement is the next step in their career, planning ahead and formulating a retirement plan and exit strategy is guaranteed to make the transition smoother.
Not only will this help to provide assurances that the future needs of their clients will be adequately addressed, it will also provide them with a genuine option to secure value and achieve an ongoing income in their retirement.
