Financial Services Professionals – What keeps them in the game?

Retirement is a natural phase in most professions, but for financial services professionals, stepping away isn’t always a straightforward decision. While many professionals look forward to retirement, a significant number of financial services professionals choose to continue working well beyond the traditional retirement age.

Strong Client Relationships

The financial services industry is an intensely personal profession. Many professionals work with clients for decades, helping them navigate major life transitions. This deep trust and loyalty often make it difficult for them to step away, as they feel a sense of duty to continue guiding their clients.

Passion for the Job

For many, their work is more than just a job—it’s a passion. The intellectual stimulation of problem-solving, investment strategy, and long-term planning keeps them engaged. Some simply love what they do and see no reason to stop.

Lack of Succession Planning

One of the biggest challenges in the industry is succession planning. Many don’t have a clear exit strategy or a successor to take over their client base. Without a structured transition plan, they may feel stuck and obligated to keep working.

Fear of Boredom in Retirement

Retirement can be an exciting prospect for some but intimidating for others. They are used to busy schedules and engaging conversations. The idea of losing that daily interaction and purpose can be daunting, leading them to continue working simply to stay engaged.

Economic Uncertainty

Even seasoned professionals aren’t immune to financial concerns. Market volatility, inflation, and rising costs of living can make even the most financially stable person second-guess their retirement readiness. Some continue working as a safety net to ensure their own financial security.

Ego and Identity

For many, the job is a core part of their identity. It’s not just what they do—it’s who they are. Walking away can feel like losing a piece of themselves, making retirement less appealing.

Client Dependency

Many long-term clients prefer working with their original planner and may resist transitioning to a new advisor. This can create pressure for planners to stay on longer, even if they’re considering retirement. Some may choose to keep a small book of loyal clients rather than exiting entirely.

Having experienced this firsthand, I spent 20 years as a financial planner, working 6–7 days a week, constantly navigating the uncertainties of the share market and managing client expectations. The transition brought me unexpected peace of mind, freeing me from the weight of reporting negative returns to retirees dependent on their allocated pensions.

While most professionals plan for retirement, financial services professionals often take a different approach. Whether it’s their passion for the work, strong client relationships, financial incentives, or a fear of losing purpose, many choose to stay in the industry for as long as they can.

Retiring and selling a practice is far from simple. It involves balancing loyalty to clients, meeting the needs of a spouse, and prioritising one’s long-term well-being.

For those who leap, retirement can reveal a world of opportunities beyond the profession. However, the journey to that decision is deeply personal and often fraught with challenges.

For those looking to transition out, succession planning and structured exit strategies are key. Selling a practice can be a great option, allowing you to exit on your terms while ensuring your clients continue to receive quality advice.

Radar Results specialises in helping you transition smoothly. If you’re considering your next steps, we can help you explore your options confidentially.