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.
News outlets love to report on the dire retirement situation facing Americans, and it’s true that many people are extremely unprepared for retirement.