In the most recent Brinker Barometer by Brinker Capital, surveyed independent advisers cited market depreciation as a top reason for clients’ retirement savings to be off target (cited by 219 advisers). That was followed closely by “did not start saving soon enough” (179 advisers).
Furthermore, nearly half (48%) of advisers said they are seeing an increase in clients tapping retirement savings to provide liquidity for near-term expenses. The survey also found that the top client concern cited by advisers (168) is “inability to retire on time”—even higher on the list than “job security.”
Three-fourths of surveyed advisers expect some of their clients to work past the age of 65. The largest chunk of advisers (33%) expect one-quarter to half of their client base to work beyond the traditional retirement age.
The overwhelming majority of surveyed advisers (84%) do not think the government should mandate employee and employer participation in a 401(k) program.
Despite the toll the markets have taken on client portfolios, many advisers seem confident in their business. While few advisers said they were “highly confident” in the economy or the market, most are highly confident (51%) about their practice, although that is a slight drop from the Brinker Barometer taken in the fall (see “Advisers Remain Confident—Especially about Business“).
The majority (61%) of surveyed advisers said the disruptions in wirehouses and other financial institutions are a benefit to new client acquisitions.
The Brinker Barometer was conducted online by Brinker Capital in February. Results are based on responses from 266 advisers affiliated with insurance companies, independent broker/dealers, and singe-person practices.