Investors put a premium on different services offered by their advisors, depending on their requirements.
For 57% of retirement investors, retirement income planning is among the most important services they want from their advisors, according to a report in the January issue of Cerulli Edge.
Concerns about decumulation and income planning are emerging because of rising health care expenses, Cerulli research found. Forty-five percent of retirees in the study consistently cite these costs as the top source of stress.
Expenses such as long-term care are significant and can vary substantially depending on the level of service offered, Cerulli said.
"The importance of planning for health care costs in retirement cannot be understated and advisors, both in plan and out of plan, should account for medical expenses within the holistic, long-term financial strategies they construct for their clients," Shawn O'Brien, a Cerulli senior analyst, said in a statement.
Forty percent of retirees also worried about outliving retirement assets, prompting some plan fiduciaries to take a holistic look at their investment lineup and solutions to hedge against longevity risk, according to the report.
