Advisers are noticing the effect the economy is having on their clients. NAVA, the association for insured retirement solutions, recently polled more than 1,500 financial advisers about current client behavior, and the results aren’t positive.
More than half of advisers said their clients are changing or delaying their planned retirement age, and their clients have made unwise decisions more than usual.
Nearly 100% of advisers have noticed an increase in clients’ level of anxiety about future financial security. And 85% of advisers said their clients believe their future quality of life will be lowered.
"Rapidly changing and highly volatile market dynamics challenge even the most savvy of clients and the most experienced advisers," says Cathy Weatherford, president and CEO of NAVA. "NAVA's 2009 Marketing Conference (where the results were announced) will feature a heavy emphasis on assisting the adviser who is on the front lines—assisting consumers who have lost confidence in the financial markets and need to find a solution for security in retirement."
Additional survey findings highlighted how the current economic crisis is affecting client behavior specific to product offerings. For example, more than 30% of financial advisers said they anticipate a significant increase in their clients' interest in financial vehicles that offer guaranteed lifetime income.
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