AssetMark, has launched its new succession planning program, Ascent. Designed to support financial advisors throughout their careers—from entry to exit—Ascent offers tailored education and guidance to address the pressing issue of succession in the industry.

“Succession planning has become an increasingly urgent issue for financial advisors as a growing number of them approach retirement, while fewer new entrants are joining the industry,” AssetMark said.

The Concord, CA-based provider of wealth management and technology solutions, pointed to a Cerulli study highlighting the challenge: 72% of new advisors exit the profession shortly after starting, threatening the long-term viability of advisory practices. With about 110,000 advisors projected to retire over the next decade, only 9% of current advisors are under 35, while 45% are 55 or older.

Ascent aims to bridge this gap with a three-tiered approach: a six-month program for newcomers, a year-long track for next-generation leaders and successors, and a four-month course for practice owners nearing retirement.

“AssetMark works with thousands of financial advisors who bring up succession planning time and time again as an area where they need greater support,” said Matt Matrisian, head of client growth at AssetMark. “This is why we developed Ascent – to help advisors start their careers with succession planning in mind while providing guidance to more experienced advisors ready to exit their practice, ensuring a smooth process through the entire lifecycle.”

This initiative aligns with industry trends toward ensuring continuity and adapting to demographic shifts, complementing moves like Cetera Financial Institutions’ partnership with Bank of Hawai’i to enhance advisor capabilities amid evolving client needs.