The Longevity Revolution: A New Approach to Advice
The longevity revolution requires a new approach to advice, particularly for retired and soon-to-be retired clients.
In recent columns, the author discussed underserved client groups, including young investors and women. Another underserved group is retired or almost-retired clients, who often hold the greatest percentage of assets in many advisor books.
Traditional assumptions about retirement and retirees are being challenged. As
Peter Mansbridge notes, we once thought of retirees as "over the hill" or "out to pasture."However, this perspective is no longer accurate, and advisors must rethink their approach to serving this demographic.
Historically, it was assumed that clients nearing retirement needed primarily safety and security in their portfolios. However, this may not be the case in today's longevity revolution.
Author's summary: Advisors must rethink their approach to serving retired clients.
- Retired or almost-retired clients are an underserved group.
- Traditional assumptions about retirement and retirees are being challenged.
- A new approach to advice is required to serve this demographic effectively.