The Opportunity is Now…2009 Senior Survey Results

The July, 2009 edition of Senior Market Advisor magazine came out recently. If you haven’t taken a careful look at it; you should.
Inside they revealed results from their national poll of seniors age 60+. It gives you insight to what they’re thinking and where your opportunity for the second half of 2009 could come from.

Let me share some of these polling results with you:

  • 2.6 million affluent seniors do not have a financial advisor

Who do seniors turn to for financial advice (can choose more than one answer)?

  • 51% Financial Planner or Advisor, 35% Certified Financial Planner, 34% Family or Friend, 11% Stock Broker, 10% Certified Public Accountant, 9% Accountant, 7% Banker, 6% Insurance Agent or Broker, 6% Attorney, 3% Other

How important are the following from someone offering financial advice? How does your current advisor rate?

Importance Current Advisor
Honesty 90% 63%
Trustworthy 89% 63%
Knowledgeable 85% 56%
Acts in My Best Interest 84% 54%
Understands My Needs and Goals 78% 55%
Gives Objective Advice 76% 54%
Gives Good Advice 75% 50%
Communicates Effectively 74% 53%
Explains Fees Clearly 70% 45%
Meets Goals 66% 43%

  • 41% of seniors routinely seek the advice of others when it comes to financial matters.

To what extent do you trust each of the following when it comes to financial matters?

All Respondents/Have a Planner
Myself 61% 54%
Financial Planner or Advisor 26% 42%
Certified Financial Planner 23% 36%
Certified Public Accountant 21% 20%
Accountant 18% 20%
Family Member or Friend 15% 16%
Banker 11% 12%
Attorney 7% 7%
Insurance Agent or Broker 6% 6%
Stock Broker 5% 8%
(numbers were estimated from a graphical representation of the data)

70% of those surveyed are either retired or are only working because they want to.
66% of seniors believe the economic situation will be very good in 10 years.
19% say the economic downturn has had a very significant personal impact.
11% have delayed their retirement more than 10 years.
32% have delayed their retirement for 1-2 years.
89% of seniors say “trustworthiness” is a very important quality in an advisor.

When do you anticipate retiring from your main career or job?

Within the next year 2%
1 – 5 years from now 32%
6 – 10 years from now 28%
More than 10 years from now 6%
Will never retire 15%
Don’t know 17%

If you have investments such as stocks, bonds, mutual funds, 401(k) or personal retirement accounts, which is your highest priority now?

Stay the course 23%
Keep Investments from Declining in Value 18%
Minimize Losses 15%
Have Both Income and Growth in Investments 15%
Continue to Invest as Planned 9%
Maximize Current Income from Investments 7%
Follow Advice or Plan Developed By Advisor 6%
Increase Size of Investment Portfolio 4%
Move From High Risk to Lower Risk 3%

Some quick thoughts as a result (shared with me from another very successful advisor I work with):

1) Retirees perceive no significant difference between CPAs and accountants.
2) Only 10% of seniors turn to CPAs for financial advice.
3) CPAs should, therefore, align themselves with a financial planner (51% seek their advice on financial matters) to enhance their overall practice.
4) Only 32% of seniors with investments intend to do nothing (stay the course – 23% and continue to invest as planned – 9%).

What you do with this information is up to you – put I see opportunity (as do many of my advisors) everywhere!
Call me if you’d like this published report.

Matthew J Neuman, Vice President of Marketing
“The Advisor’s Advisor”
Click Here for More on “The Advisor’s Advisor”
825 S Kansas Avenue, Suite 510
Topeka, KS 66612
Toll Free: 866.363.9595
Fax: 785.271.1448
matt.neuman@advisorsexcel.com

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