April 16, 2015 - With 10,000 baby boomers retiring every day for the next 19 years, it is no surprise that retirement income is one of the biggest opportunities ever for the financial services industry. As more and more retirees are becoming concerned with maintaining their comfortable standard of living throughout retirement, there is a growing demand for financial advisors who are retirement income specialists.

And advisors are realizing this.

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Hundreds of advisors have already received the Retirement Income Certified Professional TM (RICP) designation, which the industry only recognized in 2012, and according to The American College, 3,000 were enrolled within 6 months of the program completion. These advisors know this is where the opportunity is and that they have potential to attract more clients – maybe even your clients – by having sound strategy and a retirement income focused practice. 

Still not convinced? Take a look at the facts:

  1. Currently, 13% of all Americans are 65 or older. By 2030, that number will soar to 18% (Survey by Americans for Secure Retirement).
  2. 88% of all Americans are worried about “maintaining a comfortable standard of living in retirement” (Survey by Americans for Secure Retirement).
  3. Two-thirds of pre-retirees would be willing to change advisors if offered a written retirement income plan (Franklin Templeton 2013 Retirement Income Strategies and Expectations (RISE) Survey).
  4. Increases in wallet share from 50% to 76% of client AUM are occurring for advisors who manage the distribution of retirement income (Serving Retirement Income Planning Clients, GDC 2014).

You may already be aware of the opportunity. But, do you have a strategy that you feel confident about, or that resonates well with your clients?

 

The Baby Boomer generation faces many challenges in retirement, including longevity, healthcare costs, inflation and social security uncertainty. Their obstacles create new challenges for advisors as the static withdrawal method and the 4% rule no longer applies to a majority of retiring Americans. They need to be assured that they will not outlive their retirement income.

So, if you are an advisor unprepared for this opportunity or using an outdated strategy, what can you present to you clients, or prospective clients, that will give them the confidence that you are the right advisor to handle their assets throughout the remainder of their life?

Check out our new eBook to learn more about this huge opportunity and what you can do to capitalize on it.

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