According to new research, retirement income planning is where advisors are finding all the action. Through a new study sponsored by Transamerica, the Financial Planning Association says the demand for retirement income planning, retirement income products and services is increasing. Americans, the study concludes, are becoming aware of the importance -- and difference between -- the two phases of retirement: the accumulation or preparation phase, and the distribution or income phase.
Financial planners say they expect retirement income planning to be a big part of their business and will be a key foundation for both their short-term and long-term business growth. Twenty-five percent of advisors say more than half of their new clients and assets will come from IRA rollover activities alone over the next year, and more than half of their clients will retire within the next five years.
"The findings in this report point out that there is a significant spike in consumers' appetites for help in retirement income planning," says Will Prest, chief marketing officer for Transamerica Retirement Management, Inc. "Advisors who become the subject matter experts in this area are the ones who will continue to find success as the market shifts due to demographics and the changing reality of what retirees' need to do in their retirement years."