The Future of Retirement Planning: Beyond the Present Journal of Retirement Planning (10/00) Vol. 3, No. 5 p.15; Hayes, Christopher L.
Over the past decade, retirement planning specialists
have noticed that very few middle-aged adults are seeking
professional retirement-planning services. With the advent of
the Internet, online investment information has superseded the
need for a financial advisor. Industry professionals agree that
a central theme that needs to be addressed is how retirement
services are presented and marketed. Financial planning must be
incorporated into one large marketable package that discusses
debt management, secondary employment skills, and issues
surrounding new careers. Another important change in retirement
planning is the question of who is "the client." As life
expectancy continues to grow, multiple generations co-exist.
Today, a typical Baby Boomer client can not be perceived as just
one client. Financial advisors must stress the financial issues
within each generation. In the years to come, financial planners
will have to be adept at marketing long-term care. Baby Boomers
nearing retirement will need assistance in protecting their
parents' assets from long-term costs. In the next decade, some
key areas for the financial planner will include providing
services where they are needed, enhancing collaborative
partnerships, re-evaluating a client's assets, and developing
market niche specializations. Finally, financial planners must
realize the advantages of certain non-broker oriented Web sites.
The "online future" does not have to be viewed as a threat to
financial planning specialists. Web sites can be used to build
and reinforce strong client-advisor relationships. The Internet
can be a strategic companion to the financial advisor--instead of
a profit-draining enemy.