Retiring boomers say goodbye to advisors

Boomers will decrease the number of relationships they have with financial institutions and create new ones as their needs change.

“Trust is the lifeblood of financial relationships and the glue that holds them together,” Francois Gadenne, executive director and chairman of RIIA, said in a press release. “Relationships that last for generations thrive when the industry itself is perceived to be stable and unchanging. The mergers and buyouts of banks and other financial institutions getting headlines over the last few months have undercut consumers’ trust of their institutions and removed the illusion of stability.”