Opportunities within client portfolios
The need for retirement income planning is booming. Americans are entering retirement at a rate of 10,000 per day,1 and they need your help to turn their savings into a diversified income plan once they stop working.
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A source of protected income may help your clients feel more prepared for living the retirement they have planned. More than 80% of retirees say they don’t have a formal retirement income plan, yet those who do feel more confident about their expenses and lifestyle in retirement.2
Addressing clients’ need for certainty
Let’s look at four client-focused retirement income planning opportunities to help you add certainty to your clients’ income strategies and add value to your client relationships.
Client need: “I’m ready to protect my money from the next down market.”
Do you have clients worried that they won’t have enough money to retire if we head into a bear market? You can’t predict market cycles or possible corrections, but you can help clients prepare for them. Knowing that the average frequency of bear markets is every 3½ years makes a good case for protecting retirement portfolios from market downturns.3
Client need: "I need to grow my money, but I don’t want to take on too much risk."
Do you have conservative clients, heavily invested in cash and CDs? After taxes and inflation, they may not be able to maintain their lifestyle in retirement. They may need to consider seeking growth potential in the market combined with a level of protection, or replacing their fixed income with a solution that offers a higher income.
Client need: “I’m ready for better features and more flexibility.”
Have you checked your clients’ old assets to see if they’re in line with their new goals? Clients may be holding on to contracts that no longer meet their needs, and may want to consider getting better features or investment options or more flexibility.
Client need: "I’m ready for protected income now that will be a gift for generations ahead."
Do you have clients who want a stream of protected income in retirement, but they’re concerned that means giving up their loved ones’ inheritance? Many clients don’t realize they can both have retirement income and leave a lasting legacy.