In my business, good accounts are sticky. Every client often has an ‘alpha’ broker that does most of their business and these brokers are normally pretty senior folks.
Junior brokers often look up at those great accounts an think to themselves: “well that guy (they’re usually dudes) is like 60 and I’m 30. I can wait him out and grab that account”.
Well have a look at this:
Some 74 percent of professors aged 49-67 plan to delay retirement past age 65 or never retire at all, according to a new Fidelity Investments study of higher education faculty. While 69 percent of those surveyed cited financial concerns, an even higher percentage of professors said love of their careers factored into their decision.
“While many would assume that delayed retirement would be solely due to economic reasons, surprisingly 8 in 10 — 81 percent — cited personal or professional reasons for delayed retirement,” said John Rangoni, vice president of tax exempt services at Fidelity.
For people who are the best at what they do, retirement is a banishment. They’ve made countless sacrifices to get to where they are and aren’t going to give it up. They have status, money, purpose. Everything everyone wants.
If you want to eat their lunch you’re going to have to take it from their warm, live hands.