Minding the Gaps in Advisor Perceptions and Client Realities When It Comes to Retirement Income Planning
The financial advising profession continues to evolve, with financial professionals increasing offering guidance and advice on topics that extend well beyond the portfolio, in particular on topics related to retirement. Reviewing data from the latest Alliance for Lifetime Income (ALI) Protected Retirement Income and Planning (PRIP) Study, though, reveals some sizable gaps in services advisors think they are providing to clients and the services are actually receiving.
For example, while 97% of financial professionals say they talk with their clients about how to handle RMDs, only 54% of investors working with financial professionals note discussing this with their financial professional. Additionally, while 70% of financial advisors say they frequently bring up how individuals will spend their time in retirement, only 29% of clients note their advisors frequently do this.