According to a study by Bankers Life and Casualty Co. Center for Secure Retirement, 51% of pre-retirees and retirees had not been contacted by any kind of retirement professional in the last year. About 84% that do work with retirement professionals said they were the ones that initiated contact with the advisor.
Advisors that pursue middle-income consumers feel more appreciated and experience a simplified and less risky market as opposed to the majority of advisors who target wealthy consumers. The middle-income market is one of the most underserved markets and is appreciative of any guidance that advisors provide. This group has realistic expectations and their focus is not on how much you can make them but more on how much you don’t lose for them.
According to the SunAmerica Retirement RetSet Study, financial peace of mind is now six times more important than accumulating wealth. Americans have adopted new expectations for their retirement because of the failed economy and global recession.
Many Americans are intending to work longer, save more, spend less and be more disciplined to adjust to their lifestyle expectations. Because of the recession and financial need, many pre-retirees are postponing their retirement by five years, from age 64 to 69. Almost two-thirds say they would ideally like to remain productive and include some work into retirement to stay active and involved. They are also balancing their retirement plans that include the possibility of having to support family members such as aging relatives, adult children, grandchildren and siblings.
Many Americans now see retirement as a time for new priorities, new opportunities and new strategies for today’s challenges and have adopted more realistic views of the possibilities before them. By helping with these opportunities, financial advisors can make a huge impact on their client’s retirement future. While minimum outreach from financial advisors can negatively impact those who might benefit from an advisor’s services, 68% of middle-income Americans who work with a professional feel better prepared for retirement than their peers and 76% said they were extremely satisfied with their retirement advisors.
Clients are looking for advisors to help them create a retirement income that is stable and safe. There are a lot of different ways for doing this and the right one depends on each client’s needs. The only constant for all retirees is Social Security that is why Senior Market Sales has developed our Social Security Timing Software that allows advisors to maximize their clients’ Social Security benefits. Building a safe retirement plan gives clients peace of mind and in return advisors feel more appreciated for a job well done.