As Global Economic Factors Swing The Markets, Retirement Planning Has Become A Major Advice Gap For Clients

Thursday, July 26, 2012 09:46
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As Global Economic Factors Swing The Markets, Retirement Planning Has Become A Major Advice Gap For Clients

Tags: client education | investing for income | retirement

A new study by Accenture found that only 16% of the 8000 respondents feel secure about their retirement savings. Concerns that savings will not be enough to cover their needs are evident. Eighty-nine percent think they should begin saving now, yet many feel they are ill-equipped to plan effectively.

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The survey covered 15 different countries and responses from the survey indicated that people are not looking to professional advisors such as life insurors as the source of the information they need. They want clear and customized advice, yet 45% have never received information from a life insuror that was simple and easy to understand.
 
Another 20% said they had never been contacted by a life insuror about their retirement needs. If offered clear comparisons between products, 86% said they would be willing to make an investment. They need to be told the benefits and disadvantages of products they are shown and they need to be shown several different comparisons.
 
The survey indicates a significant gap that insurance advisors need to fill. In a time of global economic uncertainty, this is one area where advisors may find a ready market.

 

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