Only 42% of financial advisors have a fully documented succession plan in place, despite growing retirement pressures and strong interest from the next generation.
Key facts at a glance:
- Nearly six in 10 (59%) senior financial advisors expect to fully transition their practice within the next five years.
- Nearly three-quarters (71%) agree that the complexity of succession planning has caused them to delay thinking about it.
- Sixty-one percent of senior financial advisors say finding someone they trust enough to hand their practice to is emotionally difficult.
ST. LOUIS, Sept. 14, 2026 /PRNewswire/ -- Edward Jones, in partnership with Morning Consult, released new research1 revealing a significant gap in the future of financial advice: nearly all surveyed financial advisors recognize the importance of succession planning for their practice, yet only 42% have a fully documented, legally formalized plan in place. The findings come as Cerulli projects more than 35% of financial advisors will retire over the next decade, underscoring an urgent need for succession planning across the profession.
The survey of financial advisors points to a clear opportunity for firms to step in to provide both emotional and practical support – including firm structure, matching and guidance – to help experienced advisors pass on their practices.
Advisors are aware of the succession gap, but few are acting
The survey shows that advisors are aware of approaching succession issues, yet too few are taking proactive steps.
- Nearly six in 10 (59%) senior financial advisors expect to fully transition their practice within the next five years.
- Four in 10 financial advisors have yet to document any succession plan.
"The numbers tell a story we hear from industry advisors every day: they know succession planning matters, but aren't doing enough about it," said Jason Henderson, principal and head of financial advisor recruiting at Edward Jones. "With so many preparing to retire, planning early isn't just a business decision, it's a commitment to the clients who've trusted you with their financial futures. The earlier an advisor begins, the more time they have to find the right successor, transition relationships thoughtfully and ensure clients are cared for after they step down."
Emotional and practical barriers make succession planning hard to start
The survey shows a number of factors can cause financial advisors to put off succession planning — from practical concerns around valuation, timing and client continuity to the emotional weight of stepping away from a career, professional identity and client relationships they've spent years building.
What's holding advisors back:
- One in four (25%) senior financial advisors say succession feels too far in the future to prioritize.
- More than one in four (27%) senior financial advisors cite concerns about the financial valuation of their practice as a top obstacle.
- Six in 10 (61%) say finding someone they trust enough to hand their practice to is emotionally difficult.
- Nearly three-quarters (71%) agree that the complexity of succession planning has caused them to delay thinking about it.
The data suggests the barriers are as much human as they're logistical. For advisors who've invested decades in their clients and communities, succession isn't simply a transaction, it's a deeply personal transition. Addressing both the practical and emotional are essential to helping advisors move forward.
The next generation is ready to lead — but interest alone isn't enough
While senior financial advisors prepare for what comes next, the survey confirms junior financial advisors are eager for opportunities to grow; 86% of junior financial advisors are interested in acquiring or inheriting an established practice from a retiring financial advisor.
Building client relationships, finding the right match, and having the training and guidance to navigate the handoff are important pieces of bridging the gap between generations.
What different generations of advisors have to say about transition:
- Among senior financial advisors expecting to transition within the next five years, only 38% have a specific successor in mind.
- Junior financial advisors say training resources (49%), clear firm guidance and support (46%) and access to a structured matching and transition program (43%) would make them more likely to acquire a practice.
Interest on both sides doesn't automatically lead to a successful transition. The role for firms is clear: providing the structure, matching and support that create a successful handoff.
Turning succession plans into successful transitions
The survey points to an important role for firms in helping advisors navigate succession. More than a third of advisors (36%) say a checklist or starter guide would be valuable, while nearly a third (33%) point to a process for matching them with potential successors.
Edward Jones is focused on providing structural support for all of its financial advisors as they prepare for what comes next, creating opportunities for the next generation to grow and helping maintain continuity for clients. The firm meets these needs through a comprehensive approach to succession, including:
- Dedicated transition support for all advisors — from pre-transition planning through the first day and beyond, advisors work with a dedicated transition and integration manager and receive tailored support for their practice and clients.
- Teaming model — Edward Jones views team practices as an optimal way to structure a succession plan. Teaming provides flexibility and addresses the emotional complexity of succession by allowing gradual transitions where advisors maintain their client relationships while building confidence in their successors.
- Collaborative successor matching — a process that matches clients with a financial advisor best suited to their needs, with the retiring advisor playing a pivotal role in ensuring the next generation has the tools and client knowledge to succeed.
- Competitive compensation — retiring financial advisors receive base compensation of up to three times annual gross revenue, based on the past three years, with flexible payout options over two, three or four years.
"At Edward Jones, we help advisors prepare for and move through the succession transition with care," said Henderson. "When a firm is genuinely invested in both sides of the transition, everyone benefits: the advisor who's ready for what's next, the successor who's ready to grow and, most importantly, the clients who deserve continuity and trusted guidance."
For more information about financial advisor succession planning, visit www.careers.edwardjones.com.
About Edward Jones
Edward Jones is a leading financial services firm serving clients across North America, with operations in the United States and Canada. It ranked No. 1 for advised investor satisfaction among 23 wealth management firms in the JD Power 2026 U.S. Investor Satisfaction Study*. More than 20,000 financial advisors serve over 9 million clients, with $2.6 trillion in client assets under care as of June 26, 2026. Edward Jones' purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm's approximately 55,000 associates and our branch presence in 68% of U.S. counties and all Canadian provinces, Edward Jones is committed to helping improve the financial fulfillment for tens of millions of long-term investors across North America by providing comprehensive, personalized planning and professional advice. The Edward Jones website is at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.
*2026 JD Power U.S. Full Service Investor Satisfaction Study among Wealth Management Firms for Advised Investor Satisfaction, published March 2026, data as of January 2026. Compensation provided for using, not obtaining, the ranking.
About Morning Consult
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com.
Research methodology
This survey was conducted by global data intelligence company Morning Consult among a national sample of 233 financial advisors from July 14-18, 2026.
FAQs
What is the succession gap, and why does it matter for financial advisors?
The succession gap is the disconnect between financial advisors recognizing that succession planning matters and actually having a formal plan in place. Edward Jones and Morning Consult found that nearly all advisors consider succession planning important, yet only 42% have a fully documented, legally formalized plan.
What does Edward Jones offer financial advisors preparing for succession?
Edward Jones provides a structured, people-centered approach to financial advisor succession planning. A dedicated transition support team ensures financial advisors don't have to go it alone. From pre-transition planning through the first day and beyond, advisors work with a dedicated transition and integration manager and receive tailored support for their practice and clients. The firm's teaming model allows gradual transitions where advisors maintain their client relationships while building confidence in their successors.
How does Edward Jones support the next generation of advisors who want to acquire an established practice?
Junior financial advisors at Edward Jones gain access to the tools and guidance the survey shows they're looking for: training resources, clear firm guidance and a structured matching and transition program. Through the firm's collaborative successor matching process, junior advisors connect with retiring advisors and their clients, building the relationships that nearly half (48%) of junior advisors cite as a top concern. Peer guidance and coaching from experienced advisors help the next generation navigate the handoff with confidence, so interest on both sides turns into a successful transition rather than a missed opportunity.
When should a financial advisor start succession planning?
Early. The survey finds that 71% of financial advisors agree the complexity of succession planning has caused them to delay thinking about it, and 25% say succession feels too far in the future to prioritize. Yet among senior financial advisors expecting to fully transition within the next five years, only 38% have a specific successor in mind. Starting early gives an advisor more time to find the right successor, transition client relationships thoughtfully and ensure the people they serve receive continuity of care.
1 Edward Jones Succession Planning Survey, conducted by Morning Consult on behalf of Edward Jones, July 2026. |
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SOURCE Edward Jones
