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 With the advent of the Internet, online investment information has superseded the need for a financial advisor.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.

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