Google searches for ‘Roth 2010 conversion’ triples over past 10 months

Google searches for “Roth 2010 conversion” have increased dramatically in recent months, indicating that investors are desperate for information on the upcoming rule change.
According to Google data — the search company has an index measuring how frequently a word or term is entered into its search engine — the number of people “Googling” the exact phrase “Roth IRA conversion” has tripled since January.
That’s no surprise, really, considering that starting Jan. 1, people making more than $100,000 annually will be eligible to convert their traditional individual retirement accounts or 401(k) plans with previous employers into Roth individual retirement accounts.
Currently, only those who make less than that amount a year are eligible to convert. (For a more detailed overview of the conversion rules, please click here.)
The fact that so many investors are turning to the Internet for guidance on the rule change indicates a huge opportunity for financial advisers, said Michael Slemmer, a principal at Advisors Trusted Advisor, a Medfield, Mass.-based practice-management shop for advisers.
“You can guess that anyone doing these searches is of a midlevel or a high income,” he said. “Advisers need to be setting up meetings with clients and making sure they understand all of the issues here.”
The last thing advisers want is for clients to be getting incorrect information from the Internet, Mr. Slemmer said. “They see these free tools on different mutual fund sites and want to use them,” he said. “But the problem with most of these tools is that they come up with an all-or-nothing decision of whether to convert or not.”
But for most clients, the decision to convert is more complicated than that, Mr. Slemmer said. “This is a great dialogue opener for advisers,” he said. “It can help advisers further connect with existing clients and reach out to prospects.”