The census studies show that millions of Baby Boomers, those born between 1946-1964, become "seniors" each year. As I've spoken to many independent advisors, you've explained to me how this "Boomer-Senior" presents unique challenges when you work with them.
Many of you responded to a recent survey we sent out and described to us the differences in dealing with this new-fangled senior client. Following are highlights from your responses, when we asked the question, "with the oldest Boomers now becoming Seniors, how has that had an impact on advisors' business?"
They have more questions about how to structure their money, not to outlive it.
Jamie Imus
I am finding the majority did not plan well for retirement and those that did not have less money.
Jolene Honkomp
You have to hold their hand more and become more of a trusted advisor than anything else. This is when the trust factor really shows.
George Philhower III
It has created a market with more customers and very diverse needs.
Joseph Kolakowski
More demand for CDs, annuities and LTCI.
Charles Canning
It's increased health care sales.
Hank Bruh
It's provided more annuity sales and more purchases of legacy assets (life insurance).
Paul Rhodes
I'm now doing consulting instead of selling and charging fees based on what I save instead of earning commissions.
Larry L. Pond
My business has been senior focused, but I am adding a marketing push to the late 40s-50s demographic.
Ward Preston
More prospects for Medicare.
Marcia L. Panella
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