Clients Worry About Advisor Retirement Plans: New 2025 Survey

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Clients Worry About Advisor Succession Planning, Study Finds

July 11, 2025

A new national study reveals that the majority of Canadians who work with a financial advisor are concerned about what happens when their advisor retires — and many advisors are not prepared.

Commissioned by Investment Planning Counsel (IPC), the study surveyed both advisors and investors to uncover attitudes toward succession planning in the financial services industry. The results highlight a growing trust gap as the advisor population ages.

Most Clients Expect a Plan — But Fear the Unknown

Among Canadians with an advisor, 83% are worried about what happens when their advisor retires.

53% fear they won’t get advance notice.
43% worry the successor won’t protect their finances.
38% say they may not trust the new advisor.

John Novachis, executive vice-president of advisor growth and succession at IPC, says clients want reassurance that their financial legacy will be preserved with the same level of care. “They’re not just looking for a transfer of accounts — they want continuity in the quality of advice,” he said.

A Massive Transfer of Wealth Is at Stake

Independent advisors nearing retirement manage an estimated $400–$500 billion in client assets, according to IPC.

Clients are increasingly seeking transparency about succession, especially as large sums are at risk during transitions. Nevin Chernick of Richardson Wealth emphasized that advisors must be upfront. “Without early and honest communication, successors risk losing clients,” he warned.

Advisors Are Making Progress — Slowly

Only 19% of advisors have a fully documented succession plan. However, an additional 65% have started planning or developed a rough idea — up from 64% combined in IPC’s 2021 study.

Other research supports similar trends. According to Investment Executive’s 2024 Report Cards, 46% of advisors have formal succession plans, while another 20–23% have begun the process but lack sufficient tools or connections.

Why Succession Gets Delayed

The study shows that 80% of advisors hesitate to commit to a succession plan. Top reasons include:

Not knowing whom to trust with their business (27%)
Emotional reluctance to end client relationships (26%)
Discomfort with retirement itself (25%)

Many advisors also believe they’re too young to start planning (46%), or fear the process is too complex (19%).

Market Volatility Is a Major Factor

Nearly 1 in 5 advisors say they’re delaying retirement due to economic uncertainty and market volatility. IPC believes this may be because advisors are either:

Staying longer to help clients navigate volatile markets, or
Waiting for a better time to sell their practices at a stronger valuation

Survey Details

Advisor Survey: 361 independent financial advisors, April 21–26, 2025, conducted by Environics Research
Investor Survey: 1,545 Canadian adults, May 15–21, 2025, conducted by Pollara Strategic Insights
Margin of error: ±2.5%, 19 times out of 20

The samples were weighted by age, gender, and region to reflect Canada’s population.

Takeaway: Transparency Builds Client Trust

With billions in assets on the line, clients are paying close attention to their advisor’s retirement timeline. While progress is being made, succession planning still lags behind client expectations. For advisors, starting the conversation early and being transparent may be the key to long-term retention — and peace of mind for everyone involved.