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Half of Australians believe the ideal age to retire is between 60 and 69, however new research suggests a third of brokers may be working well into their golden years.
According to new research from Suncorp Super, ‘working till the grave’ has become a worrying and very real possibility for a growing number of Australians, with up to 20 per cent of respondents claiming they could still be working 15 years after their ideal retirement age.
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Speaking with The Adviser, president of the MFAA Phil Naylor said while the data was referring to Australians in general, the same issue is present in the broking industry.
“Our figures show that of our membership around 37 per cent are over 50, so they’re consistent with the figures from Suncorp,” Mr Naylor said.
In fact, according to the MFAA, around 20 per cent of the industry is currently beyond the age of retirement.
“The industry is aware of the issue, but over the next ten years it will definitely become more prevalent for brokers over the age of 50.”
According to Mr Naylor, inquiry about succession planning or selling up has increased.
“We’ve started running seminars to enable brokers to make those sorts of decisions better. There’s certainly an interest in selling trails and selling the business, but it’s hard to say how many brokers are getting on the front foot with these resources.”
Other aggregation groups have noticed the trend and have setup systems to assist brokers wrap up their business or sell their trails.
But just because you hit 60 doesn’t mean it’s time to throw in the towel.
“The oldest MFAA member is 75. He’s still operating and there’s no reason why people of that gae shouldn’t.
“They’ve built their business up throughout their career, and now they’re mainly living off the trail. But with loyal client support that keep coming back there’s no reason to stop if you’re happy and enjoying what you do.”
For further insight into valuing your business for sale, make sure you get a copy of the February edition of The Adviser hitting desks later this month.
