Indyone:

Transactions may be commoditized, but advice sure the hell isn't. 

-----------------------------------------------

Bingo, my brotha!   

[quote=Ace Planner]

Here's a scary thought:  The people who retired a decade or two ago were savers who lived through the great depression.  The people who are starting to retire are baby boomers who have no desire to leave a legacy. 

[/quote]

I think you are missing the point on the people we WANT to work with.  You are correct about the great depression era clients being savers, but I don't think you are giving the baby boomers enough credit.  I think the older they get the more they will realize the way their parents livedand thought and spent is more appropriate for them than they first thought.

Sure, they don't have pensions to live off of and they've known that for years.  The ones who are serious about the rest of their financial lives know they have to fend for themselves using whatever means they can, ie IRAs/401Ks, etc.   Several of them know they have inheritances coming, but most of them aren't counting on it simply because they don't know when they are going to get it.  They see their parents living well into their 80s and 90s.  If you're 65 waiting for you parents to die so you can retire, I'm not sure I want you as a client.  Unless you're an only child and your parents are loaded.

Maybe I see my job differently than you do yours.  My job is to ask people at 50 if they would like to leave some sort of legacy and then plan appropriately.  Most of them think they can't and unless I show them how they can they won't. 

[quote=Spaceman Spiff][quote=Ace Planner]

Here's a scary thought:  The people who retired a decade or two ago were savers who lived through the great depression.  The people who are starting to retire are baby boomers who have no desire to leave a legacy. 

[/quote]

I think you are missing the point on the people we WANT to work with.  You are correct about the great depression era clients being savers, but I don't think you are giving the baby boomers enough credit.  I think the older they get the more they will realize the way their parents livedand thought and spent is more appropriate for them than they first thought.

Sure, they don't have pensions to live off of and they've known that for years.  The ones who are serious about the rest of their financial lives know they have to fend for themselves using whatever means they can, ie IRAs/401Ks, etc.   Several of them know they have inheritances coming, but most of them aren't counting on it simply because they don't know when they are going to get it.  They see their parents living well into their 80s and 90s.  If you're 65 waiting for you parents to die so you can retire, I'm not sure I want you as a client.  Unless you're an only child and your parents are loaded.

Maybe I see my job differently than you do yours.  My job is to ask people at 50 if they would like to leave some sort of legacy and then plan appropriately.  Most of them think they can't and unless I show them how they can they won't. 

Peter Lynch once mada a comment to the effect that people know more about programming their VCR than they do about their money.

I would love to resurrect this conversation as now we know that hybrid and independent wealth firms are dying. The numbers don't lie when you see AUM drops and consultants of all types are sharing stories about advisors walking out doors due to burnout, others have health issues or literally are dying in their seats with no backup plans, and many CEOs have admitted they have no interest in being the CEO - they rather be the advisor hob knobbing with COIs and clients. Anyway care to say I am wrong or that HankG was right and saw the future?