traineeinvestor
Thinks s/he gets paid by the post
I don't suppose FA's are any different than any other profession. If you went to any big NYC law firm, you would find a number of partners/of counsel in their late 60's and 70's who come to the office everyday, and its usually not because they need the money. Generally, it's because they spent all their life's energy in the practice and have nothing else to do.
This is becoming less common.
While there are exceptions, as a generalisation most partners in the large law firms will know when its time to move on, failing which they will be told to move on. For many, that time will arrive well before any retirement age stipulated in the partnership deed. Simple economics will not allow people to remain as partners if they are not contributing. What you do see is some partners staying on as consultants (usually working less than full hours for substantially reduced incomes).