Most observers agree that retirement income planning has arrived. The demographics are there (10,000 boomers a day are turning 65). Consumer demand is high (84 percent of annuity producers report having client discussions about retirement income). And advisor interest is mounting (77 percent of advisors are planning to add such planning to their offerings in 2014).
But here's the question facing advisors: Should you respond tactically or strategically to this opportunity? A tactical response might involve claming to offer retirement-income planning on your website. Or puchasing and delivering a webinar on the topic. Or perhaps earning a new retirement-income planning designation during a spare weekend.
A strategic response would involve re-evaluating your practice's business model to make sure all elements synch with your new strategy. A key element, of course, is acquiring the skills and credentials you need to serve clients in this capacity.
Now, there will always be advisors who respond tactically to paradigm shifts. And that's certainly their right. But only those who respond strategically will reap the biggest rewards. Among this group are the thousands of advisors who have begun to pursue a rigorous retirement-income planning credential. If you are in this camp, my hat is off to you!
