Reading the Recruiting Tape | AUM, Revenue Yield, & the Valuation Gap in Wealth Management

Roughly 37% of advisors, controlling about $10.4 trillion—near 40% ofindustry assets—are expected to retire within a decade; the average advisor is about 51, and only some 42% hold a written succession plan as of early 2026.

Continuity has a measurable price: firms without a documented plan trade at an estimated 15% to 25% discount, advisors who move without a credible continuity narrative can shed up to 22% of assets in the transition, and roughly four in five heirs intend to replace an inherited advisor with whom they have no prior relationship.

Against all of that, a multi-year, team-based handoff holds client retention near 95%. A book that arrives with its own successor is not merely larger—it is structurally more durable, and durability is the attribute a premium multiple is paying for.

The channel must give the next generation visible equity and a defined path, or watch its enterprise value decay one retirement at a time.

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