The good news for financial advisors is there are 4.8 million households in the United States with $1 million or more in investable assets (the Wealth Market). One-third of those are retired already.
More good news shows that more than half of those who aren’t retired will be fully retired within 10 years, according to Phoenix Marketing International’s Affluent Marketing Service. And in another bit of possible good news for advisors, Phoenix AMS estimates that nearly one-fourth of the 4.8 million households have, so far, never met with a financial advisor.
In fact, only 27 percent of Wealth Market households not yet in retirement are very confident they know how much money they will need in retirement. Just 31 percent are very confident they are knowledgeable enough to calculate their retirement income.
Of the 24 percent of Wealth Market households not working with an advisor, 66 percent of those say they don’t need advice regarding retirement planning (despite only 31 percent saying they are very confident they are ready for retirement financially). In addition, 10 percent say retirement is too far away, 13 percent haven’t gotten around to it and 11 percent had other reasons.
Advisors know how complex retirement planning is. If they can overcome the skepticism of many households in the Wealth Market, they will build their business and save many households from the uncertainty of retirement. For more information, visit www.phoenixmi.com.