In the past year, troubling financial news has generated great concern among baby boomers as many have watched the value of their retirement accounts plummet. As trusted financial advisors, how do you attract boomers to your business and provide sound advice during these tough economic times? Begin by first understanding their unique financial challenges and then offer personalized advice based on these challenges.
The Retirement Boom
Even before the current financial crisis, boomers faced defined benefit pension terminations, longer life expectancy, decreased personal savings rates and potential shortfalls in government benefit programs that could leave many with a fraction of the income needed for retirement.
Research shows 70 percent of boomers have not sought out financial advisors, leaving millions who need our help. But attracting members of this unique generation to your practice–and keeping them–requires a delicate balance of coaching through solid financial advice, complemented by listening, understanding and client empowerment.