This article was originally published here
Even though retirement is something that many people look forward to, recent findings suggest that a significant proportion of people are unsure about what retirement will be like for them, when they should retire, and how they will pay for it all. These findings indicate a significant disparity between employees’ emphasis on being able to retire comfortably and their confidence in their ability to achieve that aim.
The confidence gap is something that plan sponsors are aware of, and many of them are concerned about the workers’ financial well-being when they reach retirement age.
According to two recent surveys, clients seeking financial and registered investment advisors have similar opinions regarding the significance of retirement income planning as part of an overall financial planning package. This finding suggests that clients and advisors are on the same page regarding this topic.
The American College of Financial Services surveyed close to 400 independent advisors and found that retirement income planning is the area that registered investment advisors (RIAs) most want to become experts in. This was followed by estate planning and advanced tax planning as the areas in which RIAs most wanted to become knowledgeable.
According to the second poll of 1,157 people with investable financial assets of at least $25,000, retirement income planning was the service customers sought the most, regardless of age or gender.
According to the American College of Financial Services, 31.3% of customers chose “understanding how much I can comfortably spend in retirement” as the top service they sought from a financial adviser as the top service they wanted from a financial advisor.
Both consumers and independent advisors place a high value on ongoing education. According to the survey, 49.2% of consumers ranked knowledge as one of the top three characteristics of their advisor, and 27.1% said it was the most important characteristic. Independent advisors also place a high value on education.
The American College of Financial Services reports that among independent advisers, 58.5% of respondents strongly agreed that the enhanced knowledge that comes with the process of acquiring a financial services certification had helped them better their profession.
According to the survey, 79.4% of the financial advisors agreed that they would not have been able to provide integrated services if it had not been for the knowledge they obtained while working toward such a designation.
Michael Finke, a professor of wealth management and director for the O. Alfred Granum Center for Financial Security at The American College of Financial Services, stated that continuous learning is critical to the growth and success of investment advisors. When we take a look at the statistics, we notice a definite demand for further education and specialized expertise in planning retirement income. This is precisely what customers want and what advisers in the RIA community think is beneficial.
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementiong a sound plan for your retirement. We are commited to helping you achieve your goals. Visit us at M. Dutton and Assoiciates.COM. Tel. 212-951-7376: email: [email protected]