What to Do When Your Financial Adviser Retires

By Adam Shell, AARP En español Published June 28, 2022

Talk about bad timing. Stocks are in a bear market. Bonds, which are typically safer and steadier, are losing money, too. Sky-high inflation is making everything more expensive. And the

Federal Reserve says interest rate hikes might cause a recession.

Oh, and one more thing: Your financial adviser is retiring. Just when you need his or her counsel most.

Sure, this scenario is hypothetical. But it’s a curveball that many older Americans will face in coming years amid the graying of the financial adviser ranks. The average age of financial

advisers is about 55, according to a 2019 J.D. Power study. (And about 20 percent, or 1 out of 5, advisers are 65 or older. Eventually your financial confidante, the person who for years (or

even decades) has guided you on money issues such as saving for retirement, building a diversified portfolio, generating income off of your investments (and talking you off the cliff when

markets turn volatile) will call it quits and start enjoying her own golden years.

So, what’s a retiree who’s been working with a trusted financial adviser for eons to do? Here are tips to make sure you make a lasting — and profitable — connection with a new financial

adviser who will understand your needs and guide you through the next stage of your financial life.

No matter if you stay with the same firm with a new adviser or move your business elsewhere, your relationship with your financial adviser is about more than just numbers. Just like your

bond with your spouse or your doctor, your connection with your financial adviser must feel right, because talking about money and family and your financial dreams is personal, says

Mischelle Copeland, 64, a Fort Worth, Texas–based financial adviser with Wells Fargo Advisors who has worked with clients spanning multiple generations.

Before you decide who will manage your finances next, do your due diligence and meet with that person — a number of times, if necessary —