What Happens to Your Retirement Plan When Your Advisor Retires? With Tyson Ray
Author, podcaster and financial advisor Tyson Ray explains the importance of knowing your financial advisor’s succession plan and what happens to you when they retire.
“If something happens to you, what happens to me?”
It’s a simple question.
But it’s one most people don’t ask.
When you hire a financial advisor, you’re not just hiring a strategy. You’re hiring a relationship. Someone who understands your goals, your family, your history, and your financial life.
But what happens when that person is no longer there?
This week on the “Retire Today” podcast I sat down with Tyson Ray and we explored a topic that doesn’t get enough attention: advisor succession planning—and why it matters for your retirement.
The Reality Most Clients Don’t Think About
At some point, every advisor will step away from their business.
It might be planned. It might be unexpected. But it will happen.
As Tyson pointed out, a large portion of the financial advisory industry is approaching retirement at the same time. That means many clients will experience a transition—whether they’re prepared for it or not.
The problem isn’t that advisors retire.
The problem is how that transition is handled.
When the Client Isn’t the Priority
Tyson shared a concern that drove him to write his book:
In many succession plans, the client isn’t the focus.
Firms are bought and sold. Advisors retire. Businesses merge. And in the process, decisions are often driven by valuation, growth, or internal strategy.
But those decisions can create unintended consequences.
In some cases, clients are simply informed after the fact:
Your advisor is gone. Here’s your new one.
That kind of transition can feel abrupt—and it raises an important question:
Was this designed with your best interest in mind?
Why Succession Is a Fiduciary Responsibility
One of the most important ideas Tyson introduced is this:
Succession planning isn’t optional.
It’s a fiduciary responsibility.
A fiduciary is someone who puts the client’s interests first. And that responsibility doesn’t stop with investment recommendations or financial planning.
It extends to what happens when the advisor is no longer there.
“You’ve entrusted your life savings… to an advisor,” Tyson said.
That level of trust deserves a plan.
Not just for today—but for the future.
The Right Way to Think About Transition
So what does a good succession plan look like?
It starts with intention.
Tyson framed it this way:
“How can I do this in such a way that… 5 to 10 years after I’ve made this transition… they thank me for it?”
That’s a powerful standard.
Because it shifts the focus from:
What’s best for the business?
To:
What’s best for the client?
A thoughtful transition should:
- Be communicated clearly
- Introduce new advisors before the change happens
- Maintain continuity in philosophy and service
- And ultimately leave the client better off
Why This Matters More in Retirement
This topic becomes even more important in retirement.
As Tyson pointed out, the older you get, the harder it becomes to make changes—especially when it comes to trusted relationships.
Switching advisors at age 45 is one thing.
Switching at 75 is something else entirely.
That’s why having a plan—and understanding that plan—is so important.
The “Caretaker” Model
One approach Tyson described is building a team around the client.
Instead of replacing the advisor entirely, firms can introduce additional team members—often younger advisors—who become part of the relationship over time.
These team members act as an extension of the original advisor, not a replacement.
That way, if something changes, the client isn’t starting over.
They already know the people who will continue serving them.
What You Should Ask Your Advisor
If you take one action from this conversation, let it be this:
Ask your advisor a simple question:
“If something happens to you, what happens to me?”
The answer should be clear.
And if it’s not, that’s a signal.
Because a good advisor isn’t just planning your retirement.
They’re planning for what happens if they’re no longer there to guide it.
The Bottom Line
Succession planning isn’t just a business decision.
It’s a client decision.
It affects your experience, your confidence, and your financial future.
The best advisors don’t just serve you today.
They make sure you’re taken care of tomorrow, too.
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About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Tyson Ray on LinkedIn
- “Total Succession” by Tyson Ray
- “Total Succession Show” podcast
- Form Wealth Advisors
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
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