Deals & People March 19, 2013

TD Ameritrade Names Adviser Transitions Director

Scott Collins has been named director of adviser transitions for TD Ameritrade Institutional.
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Collins will lead recruiting and consulting efforts to brokers and advisers who are considering becoming hybrid or fee-only independent registered investment adviser (RIAs). He will focus on developing tools, resources and consulting advice to enhance the adviser experience when they are making the transition to the independent channel.

Collins has nearly 20 years of advisory industry experience. Before joining TD Ameritrade Institutional, he was the managing partner and chief executive of FirstPoint Partners, a consulting firm that provides strategy and guidance for advisers considering the independent channel. Collins spent 13 years at LPL Financial in a variety of recruiting roles, including senior vice president of business development. He began his career as an adviser with Merrill Lynch.

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Collins holds a bachelor’s degree in psychology from Texas A&M University as well as Series 7, 63 and 65 licenses.

Data & Research March 19, 2013

Retirement Expectations Are Changing

Twenty-two percent of workers in the 2013 Retirement Confidence Survey (RCS) say the age at which they expect to retire has increased in the past year.
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The survey, conducted by the Employee Benefits Research Institute and Mathew Greenwald & Associates, found workers most frequently cite the poor economy (22%), followed by lack of faith in Social Security or the government (19%) and the inability to afford retirement (19%) as reasons for postponing retirement.

The age at which workers expect to retire is slowly rising. In 1991, just 11% of workers expected to retire after age 65. In 2013, 36% of workers report they expect to wait until after age 65 to retire and 7% do not plan to retire at all. At the same time, the percentage of workers expecting to retire before age 65 is now half what it was two decades ago: down from 50% in 1991 to 23% in 2013.

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In contrast to those expectations, a sizable proportion of retirees report each year that they retired sooner than they had planned (47% in 2013). Those who retire early often do so for negative reasons, such as a health problem or disability (55%), but some simply state they retired early because they could afford to do so (32%). 

Sixty-nine percent of workers say they plan to work for pay after they retire. However, a much smaller proportion of retirees report having worked for pay since they retired (25%). Many workers are also planning to rely on income from employment to support them in retirement. Three-quarters of workers say employment will provide them (and their spouse) with a major (21%) or minor (54%) source of income in retirement.

(Cont’d…)

However, there is a large discrepancy between worker confidence in having paid employment for as long as needed (29% very confident and 45% somewhat confident) and retiree confidence in finding paid employment should they need it in retirement (7% very confident and 21% somewhat confident). Nearly half of retirees (48%) are not at all confident about finding paid employment in retirement. 

More so than current retirees, workers are likely to anticipate piecing together their retirement income from several sources. Since 2007, an increasing share of retirees (70% in 2013) has indicated that

Social Security is a major source of income in retirement. In addition to Social Security, retirees also rely heavily on traditional pension plans.

Meanwhile, more than half of workers say they will rely on Social Security (77%), employment  (75%), employer-sponsored retirement savings plans (72%), IRAs (68%), other personal savings (64%), and traditional pension plans (57%) for retirement income.

Full results of the 2013 RCS are published in the March 2013 EBRI Issue Brief available at www.ebri.org.

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