Throughout the year, I travel around the country to visit advisors. Regardless of when or where I am, there is always an inclination that our industry will be replaced by technology.
Many firms have established some type of robo-advisor platform to attract the younger generation of investors. But we have to look at the future in terms of our clients’ needs – which goes beyond access to technology.
I feel confident and bullish in our industry. And I believe we need a reinvestment in people to help overcome the challenges that so many Americans face during retirement. Below are just a few reasons:
All of these reasons mean the need for income planning will continue to increase for the next 10-15 years. If you are looking for a new concentration, look at retirement income planning. I am confident that you will help thousands of Americans and find a pool of prospective clients for many years.
Implement retirement income planning into your practice. There are plenty of prospective clients and an abundance of need.
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About the Author
Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. His latest book, “Free Throw for Financial Professionals,” is available now – learn more at www.freethrowsforpros.com.
1Pew Research Center, “Baby Boomers Approach 65 – Glumly,” December 2010: http://www.pewsocialtrends.org/2010/12/20/baby-boomers-approach-65-glumly/
2The Motley Fool, “When Does the Average American Start Collecting Social Security?” April 2016: https://www.fool.com/amp/retirement/general/2016/04/19/when-does-the-average-american-start-collecting-so.aspx
3Duke University, “People are living longer and healthier: Now what?” March 2010: https://www.sciencedaily.com/releases/2010/03/100324142121.htm
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