October 19, 2020
Wendy Leung Quoted
By Jameson Berkow
The COVID-19 pandemic has triggered a wave of succession planning among financial advisors that some experts believe could become the largest transition the industry has ever seen.
Wendy Leung, senior consultant with Diamond Consultants in Morristown, N.J., says COVID-19 has “made the urgency” of succession planning among financial advisors “more tangible” for all the reasons that might be expected, but with an additional motivating factor that’s unique to this particular crisis.
In this type of environment, Ms. Leung says an advisor’s decision to retire “could come from even practical things, like having no intention of getting on a train or a subway and commuting to my office downtown anymore, even though that will eventually be expected of me again. This has become a topic that we now discuss daily because there is a wave of retiring advisors.”
