With baby boomers and the silent generation making up an average 71 percent of an advisor’s client base, most clients are either in retirement or coming up on it. This means retirement planning support will be even more important to advisors.
Help with minimizing retirement taxes, Social Security planning, retirement planning and investing tools and decumulation strategies are the most useful types of assistance from fund groups.
But there’s room for improvement; advisors say they could use more guidance on health care costs, prospecting for retirement clients, income generation and longevity concerns. Meanwhile, clients are most concerned about outliving their money, sustaining their quality of life and the cost of health care, advisors report.