There is a shift underway in the financial planning industry. As the Baby Boomers approach retirement age, efficient weath distribution is replacing aggressive wealth accumulation as the primary focus among fincancial advisors and their clients. Driving this shift are two main factors: 1) 76 million
Baby Boomers reaching retirement age in the next 10 years; 2) The millions of retirees who suffered catastrophic losses during the recession. Both of these groups are looking for guidance and, above all, protection for their nest eggs.
Is your practice prepared to meet the resulting spike in demand for Retirement Income Planning services? Wealth distribution is, without question, more complex than wealth accumulation. Once a
retiree “turns on” the income stream they are immediately exposed to multiple new layers of risk. It is no longer enough just to say you’re going to earn x% on your portfolio and withdraw y% for income.
Retirees need an advisor who can help them insure against these additional layers of behavioral risk, sequence risk, longevity, taxes, inflation, the list goes on.