NAVA, the Association for Insured Retirement Solutions, has recently conducted the survey via electronic polling of more than 1500 financial advisors about current client behavior.
Key survey results included:
-More than half of advisors said their clients are changing or delaying their planned retirement age;
-More than half of respondents said their clients have made unwise decisions more than usual;
-Nearly 100% of advisors have noticed an increase in clients level of anxiety about future financial security;-Nearly 85% of advisors said their clients believe their future quality of life will be lowered.
Additional survey findings highlighted how the current economic crisis is affecting client behavior specific to product offerings. For example, more than 30% of financial advisors said they anticipate a significant increase in their clients’ interest in financial vehicles that offer guaranteed lifetime income.
“Rapidly changing and highly volatile market dynamics challenge even the most savvy of clients and the most experienced advisors,” says Cathy Weatherford, president and CEO, NAVA.
“NAVA’s 2009 Marketing Conference will feature a heavy emphasis on assisting the advisor who is on the front lines — assisting consumers who have lost confidence in the financial markets and need to find a solution for security in retirement.”
“We’re experiencing an extraordinary period in the financial services industry,” continues Weatherford. “Now, more than ever, it is extremely important to talk with advisors to determine the best investment choices that will help save for and live securely in retirement, including investments that can guarantee lifetime income.”
L.D.