Want to convince reluctant prospects to become your clients? Try providing them with a written retirement income strategy, the findings of a newly released survey from
More than half of the 2,002 adults polled (51%) indicated that they would switch financial advisors or begin working with one for the first time if an advisor developed a written retirement income plan for them. This was particularly true among people in their prime asset accumulation years, specifically those between the ages of 35 – 44 (65%) and 25 – 34 (62%).
When selecting an advisor, experience mattered most to investors, according to the findings. More than half of the respondents (58%) cited experience with retirement planning as the leading factor in choosing an advisor.
As to their expectations, 33% indicated that they want their advisors to develop a retirement income plan to meet their expected expenses. They also want their advisors to have an understanding of their goals, concerns and fears about retirement (23%) and to select investments to match their retirement income plan and risk tolerance (19%).
Consistent with the findings of many other studies, the respondents who had an advisor were happier with and more confident in their retirement income plans than those who did not have one. Among survey respondents who had an advisor, 90% said they were happy with their retirement income plan and 87% said they were confident in it. For those without an advisor, only 44% reported being happy with and confident in their retirement income plans.
Respondents who worked with an advisor were also much more likely to understand their retirement income plans (86%) than those who did not (48%).
“The findings confirm that the most essential emotions surrounding retirement income planning—happiness with, confidence in, as well understanding one’s plan—are all increased substantially when you work with a financial advisor,”
The online survey was conducted from
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