Let's start with the good news: Today, older financial consumers tell us that having a financial or retirement plan is a priority for them. In a study we did in conjunction with MDRT, 85 percent of boomers and 87 percent of Silent Generation consumers said having a plan was either a priority or a high priority on a five-point scale. In fact, the older the respondent, the greater percent think having a plan is a priority. That is good news.
Now, the bad news: Advisors and agents are not on the same page. In 2009 we asked 600 MDRT advisors and agents to tell us how much of a priority they think their clients would say it was to have a financial plan.
There's a gap. First, there is a pretty significant gap among Silent Generation consumers, those 65 and older. Advisors and agents told us that they thought about 65 percent of their Silent Generation clients would say having a plan is a priority. That's 22 points lower than what consumers said.
For boomers, the gap is the same. Advisors and agents felt 62 percent of their boomer-age clients (45-64 in 2010) would say a plan is a priority. This time, they were off by 23 points.
The implications are clear: Advisors and agents are underestimating the readiness of older consumers to plan for their financial future–a problem you can turn into an opportunity for your firm.
Don't assume your clients or prospects have a plan in place or are not interested in one. It's a top priority these days. Your inquiry might be welcomed with opened arms and wallets.
