Although it’s easy to dismiss these insights and believe “that’s not me — my clients tell me everything,” it’s far easier to make sure you are having these conversations so you can feel one hundred percent confident that all of your client’s bases are covered. Your clients might not be giving you complete story about what’s keeping them up at night, but without specifically asking, you’ll never know for certain.
The Recently Retired
In addition to highlighting this reluctance to discuss retirement concerns, the study also found a compelling difference in confidence among retired Americans.
Although retired respondents reported less anxiety about various risks to their retirement, the study identified a distinct difference between those who are recently retired (less than 10 years into retirement) and retirement veterans (10 or more years in retirement) in terms of both their level of worry as well as their willingness to get professional help.
Recently retired respondents reported feeling significantly more concerned about the majority of retirement risks when compared with those who have spent more time in retirement, including healthcare costs being too high (64% vs. 40%), the rising cost of living (54% vs. 27%), the impact of a market downturn on retirement savings (61% vs, 39%) and running out of money before they die (46% vs. 24%).
One bright spot is that recently retired Americans are more willing to discuss these topics with their financial professional. For those that reported interest in discussing retirement risks, the most popular topics were the impact of a market downturn on retirement savings (54%), running out of money before they die (37%) and the rising cost of living (34%).
The Power of Protection
Along with revealing specifics about your client’s biggest worries, these conversations may also highlight what measures they’d prefer to help them feel more secure. Amidst all of the worry, the study found a clear preference for protection products. When asked whether they would rather have financial products that have the potential for big gains, but also potential for big losses or products that protect from big losses, but come with smaller gains, nearly seven in 10 (68%) said they would prefer the protection product.
Although protection might not always be top of mind when meeting with clients, it seems that many Americans are more interested in safeguarding what they have than growing their assets. It’s important for financial professionals to keep this is mind as they fulfill their dual mandate of between protecting clients’ assets from risk while ensuring they’re able to generate enough income to last through retirement.
It’s no secret that Americans are uncomfortable discussing financial topics, but it’s troubling that this reluctance extends to conversations with their own financial professionals. If they don’t feel comfortable addressing these concerns with the very people who are there to help plan for the future, it’s unlikely they’ll take any action to address the various risks that could jeopardize their retirement. A more proactive approach to discussing retirement risks can make a big difference in your relationship with your clients, and enhance the overall value you deliver.
Kelly LaVigne is vice president of consumer insights at Allianz Life Insurance Company of North America.
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(Image: Shutterstock)
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