The financial planning profession is at a crossroads. With the average UK adviser now in their mid-to-late 50s, it is fair to assume that many will be looking to exit the profession in the coming years.
There are positive signs, with more young people entering financial planning, but it remains unclear whether the inflow of new advisers will be enough to replace those leaving.
This looming challenge is twofold. No adviser ever wants to leave their clients as ‘orphans’, but it also represents a real opportunity for younger talent seeking to build a career in financial services — and one that does not necessarily start from scratch.
Embedding your own process early helps clients see your technical strengths and the value you bring
I have been fortunate to inherit clients from retiring advisers. While this offers a ready-made client bank, it also comes with challenges.
Here are some of the lessons I have learned in making those relationships my own.
1. Work closely with the retiring adviser
Not every retiring adviser stays involved after selling their business or stepping back, which can make the transition harder. Many, however, want to do right by their clients and will support a full handover.
Each client relationship should be treated as new, built on direct understanding rather than inherited notes
In my experience, developing a good working relationship with the retiring adviser is invaluable. If they trust you, that confidence comes across clearly in client meetings. The outgoing adviser is your strongest advocate with the client, so taking the time to understand their perspective helps make the transition seamless.
2. Remember it’s an involuntary relationship
Clients never chose you to be their adviser. Even with a careful handover, they may feel uncertain once their former adviser has fully stepped away. Those first solo meetings are crucial for showing who you are and what you stand for.
Open conversations can help reset the relationship on terms that work for both sides
These conversations can feel daunting when clients have dealt with the same adviser for years, but they are the foundation for building trust and rapport in your own right. Above all, clients need reassurance that you are the right person to guide them on their financial journey.
3. Respect the previous adviser
I am fortunate that the advisers I have succeeded were skilled and dedicated professionals. Naturally, clients often reference their old adviser in early meetings — much like Manchester United football fans still refer to Alex Ferguson.
Rather than see this as a hurdle, acknowledge the good work that came before. Even if you would have handled things differently, focus on the present and demonstrate your own value through today’s advice, not by second-guessing the past.
Those first solo meetings are crucial for showing who you are and what you stand for
4. Recognise the transition as an opportunity
Some clients use the change as a chance to reassess. In some cases, they may welcome a new adviser who offers a fresh approach. In others, the transition provides the perfect moment to move on entirely. Both outcomes are natural.
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For those who stay, it can also be an opportunity to raise issues they never voiced with their old adviser — whether around fees, meeting style or service levels. Not every request will be reasonable, but open conversations can help reset the relationship on terms that work for both sides.
5. Don’t make assumptions
Files and notes from previous meetings are useful, but they are rarely complete or up to date. I always tell clients that, while I have information on record, I want to get to know them directly.
Developing a good working relationship with the retiring adviser is invaluable. If they trust you, that confidence comes across clearly in client meetings
This approach often leads to fresh, meaningful conversations about their goals and circumstances — discussions that might never have happened if I had simply relied on existing records. Each client relationship should be treated as new, built on direct understanding rather than inherited notes.
6. Own the relationship
Ultimately, your aim is to become the client’s trusted adviser, regardless of how the relationship began. Inheriting clients is never straightforward — they did not choose to move away from their previous adviser — but it is also an opportunity to establish your own style of financial planning.
Relying solely on what came before may feel safer, but embedding your own process early helps clients see your technical strengths and the value you bring.
Even if you would have handled things differently, focus on the present and demonstrate your own value through today’s advice
As older advisers retire, the need for replacements is only growing. Clients continue to require advice, and for the next generation of planners the opportunities have never been greater.
Lee Quinn is a chartered financial planner at IWP Financial Planning Ltd
