Crowell’s seven years of experience
include past positions at Mills, McCaghren & Associates, Ameriprise
Financial and most recently, Chase Investment Services. He received a degree in
financial management from Abilene Christian University.
“It’s a passion of mine to see
families through their initial financial planning stages, all the way through
their retirement years,” Crowell said.
According to a survey from
Nationwide Financial, nearly three in four soon-to-be-retired high-net-worth individuals say health care
costs spiraling out of control is among their top retirement fears.
The survey revealed an opportunity
for advisers: 43% of soon-to-be-retired Americans say they plan to discuss
health care costs with a financial adviser.
While only one in 10 (12%) of
soon-to-be-retired individuals say they are planning to switch financial
advisers, of those, more than half (54%) say they would be more likely to stay
with their current adviser if they could help them plan for covering health
care costs in retirement or discuss the role of Medicare in their retirement.
Thirty-eight percent of those
nearing retirement say they have not discussed their retirement at all with a
financial adviser. Of those who have, only one in five discussed health care
costs in retirement not covered by Medicare.
(Cont...)
“Americans—even those who have diligently
saved for their golden years—are not prepared for the reality of health care
costs in retirement and don’t really understand how Medicare works,” said John
Carter, president of Nationwide Financial Distributors, Inc. “Too many assume
their employers will continue to pay their premiums during retirement or
Medicare will cover all health care expenses.”
It appears that soon-to-be-retirees
lack confidence in the ability of financial advisers to help with this
challenge, with three in five (59%) saying most financial advisers are not
equipped to discuss retirement health care costs with their clients. This lack
of confidence may be unfounded. Those who have broached this topic with a
financial adviser indicated that it was worthwhile, with two-thirds saying
advisers were helpful or very helpful in discussing information about their
health and estimating their health care costs in retirement.
Understanding Medicare
Only one in five surveyed say they
are confident in their knowledge of Medicare coverage, and more than half say
it is very, to extremely, important they educate themselves on Medicare
coverage when planning for retirement.