42% discuss healthcare costs with clients as part of basic financial planning
The healthcare conversation frequently happens in the opening meeting (42%) although it sometimes develops naturally as part of an annual review. Even so, clients typically don’t take a specific first step to address the issue until they start to focus on Social Security or Medicare—or when a family member has a health event.
61% of their AUM is related to retirement investments
Most advisors (74%) see retirement and retirement income as a prominent theme in their firms. This is reflected in the assets firms manage: more than half (61%) of AUM was related to retirement investments.
Investment Trend Monitor Report: Advisor Plans For Retirement Income: 5 Takeaways
Planning for retirement income represents a sizeable portion of most advisors’ practices—but advisors differ on the best ways to produce that income. A recent study by WealthManagement.com and FUSE Research Network surveyed more than 700 advisors on how they approach clients’ retirement income needs.
70% initiate the conversation about paying for senior health and elder care with clients
Although health care ranks a close third in clients’ retirement concerns, more than two-thirds of advisors report that they are the ones who start the client conversation about paying for senior health and elder care.
94% recommend mutual funds and ETFs for retirement planning
Advisors of all ages and channels see mutual funds and ETFs as important retirement planning tools. On average, 94% of advisors listed them as recommended products—more so than any other option. Other top choices included annuities, stocks, and life insurance.
Advisors spend more than 40% of their time on retirement planning for clients
It stands to reason that managing clients’ retirement challenges takes a considerable amount of advisors’ time. Advisors report spending just over 40% of their time on retirement-related planning for their clients, on average. Almost a quarter of advisors report they spend 60% or more of their time on these tasks.
