Retiring baby boomers provide opportunity for advisers

Transcript:

[MD] We see this baby boomer generation, which is 68 million strong, right here right now, they’re going into that retirement stage of life. They’re going past 65. And they’re creating enormous growth in their population, enormous growth that we’ve never seen before, which in many ways spells opportunity for financial advisors.

When you have a large population of people spending more and more time in retirement that becomes challenging. Because the financial services industry has always been great at helping people plan for retirement, figuring out what they’re going to need and how to get there, as quickly or as well as they can. But, planning today is not just about planning for retirement, it’s planning to live in retirement. So the entire journey of retirement has actually tripled in its length from when it was first started in the 1930s.

So that’s pretty incredible and so planning not just for retirement, but for to and through and retirement, is a whole other ball game and it is one that financial advisors really need to help retirees figure out their way through because it’s challenging.

Retirement is more of a holistic experience. We need to take a more holistic approach to it . Just as an example; that financial advisor who understands the impact of healthcare and long-term care on retirement and how much they need to save for, they’re going to be in high demand. Because suddenly their clients and their prospects, are going to see, ’this is someone who can really help me plan for retirement’. Not just in terms of what do I need to save to spend during my retirement but how do I plan for it in terms of my health. How do I plan for it in terms of work, in retirement or not? How do I plan for it in terms of my family? Because we know that retirement is not just a solo project.

See also: Rescuing baby boomers’ retirements