Pershing LLC released a new report Monday that explores the advisor opportunity in the affluent investor and small business owner retirement markets. The company says “The Secret Knock: Unlocking the Retirement Opportunity” is an independent study that offers specific, “actionable insights for financial services firms on how to accelerate their retirement business in the post-crisis environment.”
Developed in conjunction with Mercatus, a strategic consulting and investment firm, the study finds that financial services firms and professionals who position themselves as the primary retirement advisors for their clients are more successful in capturing new retirement business and money in motion.
“The key driver for conducting the study was the pressure advisors are under, coming out of 2008, to find new areas of business growth,” says Robert Cirrotti, director at Pershing. “We identified anything related to the retirement space as one area of tremendous growth, and we want to make people aware of any products and enhancements that we have that can help them to become their clients primary retirement advisor.”
When viewed as the primary retirement advisor, Cirrotti says, share-of-wallet of the client’s business the advisor receives increases by 50%, something that surprised him about the survey results.