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.
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.