According to Reuters, U.S. financial advisors are due for upheaval as baby boomers, controlling $10 trillion in assets, reach retirement age and shift their investment priorities, said a senior executive at asset manager BlackRock Inc.
The wire service reports baby boomers will move the industry's main client goal from one from accumulation — investing in assets that create the most value over time — to one of "decumulation," said Frank Porcelli, who heads U.S. retail for BlackRock, at the Reuters Global Wealth Management Summit in Boston.
"The questions won't be, 'How did I do against the S&P 500?'" he told the wire service. "It's, 'Can I meet these liabilities?'"
