The research by Maximizer Services, a provider of CRM software, is based on a survey of over 900 financial advisors across Canada and the US. Sixty per cent of all advisors are already over the age of 50, it shows, while nearly 30 per cent plan to retire in the next 10 years and over half aim to give up work within the next 15.

But the paper, entitled Building a Saleable Wealth Management Business, said most financial advisors don’t have an exit strategy in place and, above all, highlights why CRM is critical to engraining accurate and repeatable processes, paving the way for a successful and seamless business sale.

“With so many financial planners looking to retire at around the same time, anyone relying on the sale of their firm and its book of business needs to start building the value right now,” said John Easton, director of strategic accounts at Maximizer Services. “Having the right CRM demonstrates to potential buyers that your firm’s processes are systemized and transparent – and in good working order. You can show who the clients are and the depth of information that you hold on each, and demonstrate that this knowledge is easily accessible and fully transferable. It can’t be in filing cabinets and your head.”

“Many smaller financial advisors seem blind to technology and CRM opportunities, seeing these as tools for bigger players,” Easton continued. “CRM not only improves efficiency and profitability, it bulletproofs your business by ensuring detailed record-keeping that protects you – and a future buyer – from client service cases and compliance issues.”