The American College polled a panel of its Retirement Income Certified Professional (RICP) designation holders about client interests and behaviors and found that 80% of advisers said their clients are asking more questions about retirement income planning today than three years ago.
The top three reasons why clients are motivated to turn to a retirement adviser include concern about meeting their retirement goals, concern about running out of money in retirement, and concern about maximizing their financial resources.
However, the survey found there is a discrepancy between advisers and clients about what are the most important issues in ensuring one’s retirement security. Clients rank “determining if they can afford to retire” as the top issue, while advisers rank “building a comprehensive retirement income plan” as No. 1.
The second and third top issues for advisers were “generating income from financial assets” and “claiming Social Security.” Clients ranked “investing retirement assets” and “generating income from retirement assets” second and third.
“The findings of our survey demonstrate that while consumers are focused on decisions they face, the RICP advisers are focused on those issues that have the most impact on the retiree’s financial security—like comprehensive planning and Social Security claiming strategies,” says David Littell, co-director of the Retirement Income Program at The American College.