I hear it from experienced financial advisors all the time. They know succession planning matters. They think about it, talk about it, maybe even lose a little sleep over it. And then … they don’t do anything about it.

If that sounds familiar, you’re in very good company. And honestly? That doesn’t surprise me one bit. New Edward Jones and Morning Consult research confirms what those of us who work with financial advisors every day have long suspected: the gap between awareness and action is enormous. This isn’t because financial advisors don’t care. It’s because going it alone is hard, and most need help to get through it.

Our survey of industry financial advisors painted a striking picture. Nearly all surveyed advisors recognize the importance of succession planning for their practice, yet only 42% have a fully documented, legally formalized plan in place. Four in 10 have yet to document any succession plan at all.

And the clock is ticking. Nearly six in 10 senior advisors — 59% — expect to transition their practice fully within the next five years.

As Jason Henderson, principal and head of financial advisor recruiting at Edward Jones, put it: “The numbers tell a story we hear from industry advisors every day: they know succession planning matters, but aren’t doing enough about it.”

The barriers are practical and human.

Nearly three-quarters of advisors agree that the complexity of succession planning has caused them to delay thinking about it. One in four say it simply feels too far in the future to prioritize. More than one in four senior advisors cite concerns about the financial valuation of their practice as a top obstacle.

But emotions are also a tough barrier to clear.  Six in 10 advisors say finding someone they trust enough to hand over their practice to is emotionally difficult. And I get it. These are relationships you’ve built over decades. Clients who have shared their dreams, their fears, their families’ futures. Transitioning that to someone else is more than a transaction.

This is about people, not just practices.

At Edward Jones, we don’t believe advisors should navigate this alone. We provide structural support for every financial advisor as they prepare for what comes next, creating opportunities for the next generation to grow and helping maintain continuity for clients.

Our comprehensive approach to succession includes:

Dedicated transition support. From pre-transition planning through the first day and beyond, advisors work with a dedicated transition and integration manager and receive tailored support for their practice and clients. You have a real person in your corner from your very first conversation.

A teaming model that eases the emotional weight. We view team practices as an optimal way to structure a succession plan. Teaming provides flexibility and addresses the practical and emotional complexities of succession by allowing gradual transitions where you maintain your client relationships while building confidence in your successors.

Collaborative successor matching. We match clients with a financial advisor best suited to their needs, with you playing a pivotal role in ensuring the next generation has the tools and client knowledge to succeed. You stay in control of the handoff.

Competitive compensation. Retiring advisors receive base compensation of up to three times annual gross revenue, based on the past three years, with flexible payout options over two, three or four years. Your legacy is valued.

When a firm is genuinely invested in both sides of the transition, everyone benefits: the advisor who’s ready for what’s next, the successor who’s ready to grow and, most importantly, the clients.

The next generation of advisors is eager. Our research found that 86% of junior financial advisors are interested in acquiring or inheriting an established practice from a retiring advisor.

But they need support too. Nearly half of junior advisors cite building relationships with clients as a top concern. They want to step up. They just need a firm that helps both sides find each other and build trust.

When both sides have firm support, interest turns into action. That’s how we close the succession gap.

The advisors who thrive in the years ahead are the ones who have a partner invested in their whole journey — not just the building years, but the transition years too.

At Edward Jones, we’re growing because we’re purpose-led. We believe deeply in the power of personal relationships and comprehensive, goals-based advice.

When we invest in advisor succession support, everyone wins. Retiring advisors finish strong, junior advisors thrive and clients have continuity.

That connection between firmwide growth and individual success is what makes this work meaningful. We grow as a firm when we help each advisor grow — and finish — on their own terms.

If you’re an experienced advisor who has been thinking about succession planning but hasn’t taken action, you’re not alone — and you don’t have to figure it out alone either.

Learn more about what a move to Edward Jones can mean for your practice, your clients and your next chapter.

Explore experienced financial advisor opportunities at Edward Jones