Your Partners' Role In Retirement Planning

Goldman believes SI’s role in helping advisors profit from that opportunity is threefold: to provide information, “what do advisors need to know to help their end clients” protect their assets–everything from long-term care insurance to variable annuities to structured products; to provide the tools to illustrate what the “economic impact” of these products is for clients; and finally to help manufacturers build advisor products that meet clients’ needs but are more efficient than those available now, such as variable annuities.

But another finding from the same McKinsey study illustrates what might be a lost opportunity. Those affluent preretirees were twice as likely as their parents to look to insurance companies for retirement advice. “The interpretation” of that finding, says Goldman, “is that these investors are looking for strategies to generate income, that have a guaranteed component, and have a decumulation component. RIAs are not delivering those yet in the way they have to.”