New research of financial services professionals finds 77% believe the current economic downturn has had a much greater impact on their boomer-generation clients than on any other generation.
The study by the Partnership for Retirement Education and Planning, Park Ridge, Ill., also found that 73% percent of financial professionals surveyed said the downturn has made their boomer clients more focused on financial planning, also more than any other generation.
According to the research, boomers have neglected planning because they don’t fully understand the value (cited by 78% of respondents) and because they are embarrassed that they haven’t accumulated more assets (70%).
Of responding advisors, 49% said at least 75% of the drive to develop a successful financial plan comes from them rather than the client.
Around a third of respondents operated under a combination of fees and commission, while nearly two-thirds were commission only. Just 4% ran a fee-only business