Financial advisors are playing a crucial role in guiding clients towards retirement security. They are counseling retired clients on generating guaranteed income (23%), prioritizing wants vs. needs (21%), and supplementing income out of necessity (16%). Advisors report that 34% of their clients plan to continue paying mortgages in retirement.
In preparation for the Great Wealth Transfer, 59% of advisors say their clients are confirming beneficiary designations, 54% are reviewing or creating estate planning documents, and 44% are building financial confidence and knowledge among heirs.
“Advisors are recognizing and acknowledging investors’ desire to avoid making the wrong moves in retirement,” Morrone said. “They can help clients feel more confident about their retirement plans by understanding their goals and anxieties, and helping them protect their savings and plan for income they won’t outlive by reinforcing the value of different retirement solutions and products, like annuities.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
Source: mpamag.com