Advisors in Florida just might see an uptick in potential boomer clients as towns such as Tallahassee are targeting that wealthy demographic. We all know about the traditional senior client migrating to the Southern clime of Florida, but it looks as if certain communities are recruiting the boomers as well.
This news comes hot on the heels of a study by the Washington Economics Group, which “determined (that) Tallahassee offered the best combination of features that would attract boomers. Those features were: “a mid-size town in a mostly-warm climate where they can find quality health care, abundant educational opportunities and a low cost of living, among other attractions.”
A grass-roots organization in the area has jumped on the free publicity. The group, made up of community leaders, “had been at work on a plan to welcome relocating boomers to Tallahassee for more than a year when the Washington Economics Group (WEG) ranked Tallahassee No. 1. The WEG study ranked 20 communities nationwide.”
According to various national surveys, anywhere from one in three to one in five boomers wants to relocate once they decide to retire. “If just three-tenths of one percent of 18 million relocating boomers choose Tallahassee as a retirement destination, they would add $1 billion per year to the community’s annual income,” according to AARP Florida.
That’s a lot of potential clients with hefty assets for advisors who market to that area. As an advisor targeting the boomer market, are you in an area that could see a windfall of clients? We’re interested to hear if there are other communities, like Tallahassee, that are actively reaching out to the boomers. Send us a comment or email me at firstname.lastname@example.org if you are seeing any activity.
For more from Daniel Williams, see: