Advisers who want to transition toward retirement without fully withdrawing from their profession should consider taking on the role of emeritus adviser, writes Joni Youngwirth of Commonwealth Financial Network. It's a role similar to a professor who wants to continue teaching but keep a more flexible schedule. "Although the emeritus adviser's career is winding down, he or she can and should expect respect from others in the firm," Youngwirth writes. "On the other hand, the emeritus adviser must remember that he or she is no longer in a position of power over the operational or strategic direction of the firm."

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