My Trusted Business Advisor Is Retiring. What Should I Do?

July 06, 2020

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In this episode of The Bottom Line, EisnerAmper senior manager Tim Schuster gives some helpful hints for when you find out your trusted business advisor—accountant, attorney, banker, insurance agent, etc.—is planning to retire.


Transcript

Dave Plaskow: Hello, and welcome to The Bottom Line. This podcast examines the everyday business and finance issues faced by closely held and private businesses. We hope to provide you with news you can use, and what we like to think of as a jargon-free zone. I'm your host, Dave Plaskow, and with us as always is Tim Schuster, a senior manager in EisnerAmper's private business services group. Today we'll discuss with Tim the issues that might arise if your trusted advisor is retiring. Tim, hello.
Tim Schuster: Hey Dave, good seeing you.

DP: Always a pleasure my friend. So in a prior podcast, we discussed the great transition that has already started, the baby boomers retiring in mass, some are calling it the silver tsunami. So that's going to be, it's already happening and it's going to even increase over the next five or 10 years. And you mentioned a few times that businesses need to prepare for this. And one of those ways to prepare is preparing for your trusted business advisor, who's retiring. What should businesses do?
TS: Yeah, honestly, it's wild, right? So you have the great transition or the great transfer of wealth really has begun. Just like you said, with the baby boomers really starting to retire, we're seeing this transition, but it's interesting. Because it's like you said, what about the trusted advisors, right? Included with this great transition of wealth is a transition of trusted advisors that people have worked with for years. We're even seeing it here internally, right? So it's interesting.
DP:Okay. So, hopefully if the trusted business advisor is retiring they're letting clients know, "Look, I'm going to be sun setting over the next year or two." So upon hearing that news, what should a business do right away to start planning?
TS: You're right, exactly. So an action plan should really be put in place, and if you have been working with a seasoned professional for many years, and they have not mentioned to you what their retirement plans are, you particularly as the client, should be proactive and ask. The last thing you need to have happen is suddenly you receive a notice in the mail that your advisor's retiring with a note that says, "Have a nice life," right? You just don't want to see that. If your advisor works at a large institution, similar to ours, see if you could begin working with a younger professional to help with the transition, if that hasn't already happened.
DP:Okay, so as these more seasoned advisors retire and go on to bigger and better things, should business owners, C-Suiters and so forth. Should they have reservations about working with a millennial advisor?
TS: Let me tell you, I'm glad you brought that up. So actually this whole podcast came to be as one of my contacts put me in touch with their client whose advisor's about to retire. And speaking as a millennial advisor myself we're a great resource to help with any needs that you as a client might have. So the great advantage of working with a millennial, especially one who has been advising through this great transition is presumably we're going to be around for the long haul. So it's a nice feeling knowing that you could be working with a trusted advisor who has many additional years of service to provide to you.
DP: Okay good, well any final thoughts?
TS: Of course, absolutely. As advisers we try to be proactive with our clients about the changing business dynamics, and as a client, you really got to be proactive with your advisors about their plans as well. You just don't want to have to find someone last minute because this conversation was just not had. And as a selfless pitch for myself, if you're in a bind, you can always call me.
DP:Okay, good, good, good. So yeah, it's all about keeping the lines of communication open.
TS: Absolutely.
DP:So it's, it's that time in the program, Tim, for one of your New Jersey historical Society Fund facts.
TS: Yeah, absolutely. So, this is an interesting one. The borough of Ship Bottom was incorporated in 1925 and the name dates back to a ship wreck that occurred back in March of 1817. Captain Steven Willetts of Tuckerton rescued a young woman from the hull of an overturned ship. And this rescue became known as Ship Bottom. So that's how they got the name.
DP: Interesting as always Tim, you never disappointed.
TS: I try not to.
DP: So thank you for listening to The Bottom Line is part of the EisnerAmper podcast series. If you have any questions or there's a topic you'd like us to cover, email us at contact@eisneramper.com and visit eisneramper.com for more information on this and a host of other topics. Join us for our next EisnerAmper Podcast when we get down to business.

About Tim Schuster

Mr. Schuster is a Senior Manager providing tax compliance services to individual filers, as well as assistance on tax returns for companies in the manufacturing and real estate industries.


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