Retirement income planning is taking on more prominence in advisors’ practices.
That’s a key finding of a new report from LIMRA, Windsor, Conn. LIMRA surveyed several focus groups–registered reps of broker-dealers, bank channel reps, and registered investment advisors–who view retirement income planning as a “somewhat important” or “very important” part of their practice.
Among the respondents, 56% say they anticipate spending more time on retirement income planning in the next 2 years. An additional 41% expect to spend the same amount of time on retirement income planning, and 3% expect to spend less time.
Among the reasons for focusing more on income planning, advisors cite a greater emphasis–much of it driven by boomer clients who are entering retirement–on this planning speciality. The intensified focus has also been spurred by the market downturn, LIMRA notes.
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LIMRA adds that none of the advisors interviewed had received referrals focusing on retirement income planning, and that none had referred anyone to a retirement income specialist.