As we get older, the cost of health care invariably rises. This is creating major challenges for almost every American in one way or another.
As generations change, so do the needs and fiscal behavior of the clients you see. Some clients have a great financial acumen and are able to properly execute discussed plans down to the last detail; however, as financial literacy becomes less popular in academia, we see a rising trend of consumers who focus on living day to day. While there is hope for a more prosperous future, there is rarely a plan in place to see it come to fruition.
Saving for a comfortable retirement may be the most important investment anyone makes throughout their lives.
Client education is a crucial part of a financial professional’s job, and is necessary for long-lasting relationships with consumers. Historically, in-person meetings and the occasional phone call formed the backbone of the relationship between clients and producers, but that’s no longer the case.
Retirement savings is a simple enough concept to understand, but a very difficult one to successfully implement.
Given that the baby boomer generation is a very large one – with a population of more than 77 million in the United States in 2008 – insurance agents and financial advisors should ensure that they are meeting their unique needs.
From the tech bubble burst to the Great Recession, members of Generation X have had their list of financial woes and notable setbacks impacting their long-term financial planning.