“I don’t want to run out of money.” And?
While some clients’ greatest retirement concern may be a lack of cash, there are other things on their mind, too, which is prompting advisors to widen their focus –and their services.
A study from Practical Research and GDC Research shows that many advisors are moving beyond the income-replacement challenge with their clients. Based on 100-plus in-depth interviews with financial advisors and representatives, home office staff, product providers, and others involved in building platforms that serve retirement-focused advisors, the key findings include:
– A broadening scope of support, with core services extending beyond asset management, risk protection, retirement-income creation and wealth transfer to also include challenges such as health care, elder care and family issues.
– A consideration of both financial and emotional aspects of retirement, as advisors deliver support that serves a range of client concerns that arise when transitioning and living in retirement.
– A growing emphasis on longevity planning, as advisors plan for a wide expanse of financial and personal issues that emerge for clients living extended periods of time post-retirement.
– A practice model oriented to independent, fee-based team practices, with more experienced RIAs and independent broker-dealers taking the lead in serving this marketplace.