Baby boomers are becoming their parents — that is, difficult.
Despite serving a growing number of retirement income clients, financial advisors are challenged with how to effectively attract and engage with investors nearing or in retirement. Advisors also remain divided as to the best way to generate sustainable income. These are the key findings of a new research report from GDC Research and Practical Perspectives, two Boston-based independent consulting and competitive intelligence firms.
The report, titled “Retirement Income Insights 2013–Attracting and Engaging Retirement Income Clients” reveals that while retirement income clients are highly important to most financial advisors, many still do not have the skills to address basic issues such as setting realistic expectations or educating investors on what retirement really involves.
“The delivery of retirement income is full of contradictions,” Howard Schneider, president of Practical Perspectives, said in a statement. “It is a critical and growing element of most advisor practices today, and many have developed some processes and tools to serve these types of clients. Yet advisors still need help with fundamental elements of retirement income support, especially with how to identify prospective clients and interact with them on key topics.”