Products May 15, 2009

Baby Boomers Must 'ReDesign'

Two financial professionals have written a paper and designed a Web site for Baby Boomers planning to recoup their losses in their retirement plans.
Reported by

Compelled by the dilemma facing millions of Baby Boomers who have seen their investments and retirement plans battered by the bear market and recession, independent financial professionals Gary Brooks and Allyn Hughes said they started calling this group the “ReDesigners.”

According to a news release, the two define ReDesigners as Baby Boomers who, prior to 2008, thought they were doing all the right things to pursue a satisfying, financially secure retirement. ReDesigners contributed to retirement accounts, lived within their means, and looked forward to a certain lifestyle in retirement. Now, as a result of losses from the bear market of 2008 to 2009, those in that group have lost confidence in their ability to retire when they want to. “They must redesign their retirement planning and investments to align their money with their life goals and values,” the release said.

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Brooks and Hughes are co-founders of Financial Life Design, an independent firm based in Tacoma, Washington. They work with clients throughout the U.S. They created a financial consulting service that specifically addresses the needs of ReDesigners.

Brooks and Hughes have also written a “consumer-friendly” paper and Web site with resources to help ReDesigners. The paper, “Financial Life ReDesign—A Baby Boomer’s Guide to Reclaiming Financial Security After the Crash,” looks into the challenges and opportunities presented to the Baby Boomers.

The paper can be downloaded here.

The FinancialLifeReDesign.com web site also features personas of ReDesigners who are facing different personal and financial situations and want to redesign their financial lives.

“We wrote this paper and built the accompanying web site to help people put their situation in perspective, understand their opportunity to redesign their financial lives and, most importantly, take action based on an informed plan,” said Hughes.

 

 

 

Data & Research May 15, 2009

Advisers Look to Add Clients, Cut Expenses

Securities America said a survey of its advisers showed they are proactive during these challenging times.
Reported by

When asked about projected business results for 2009, 57% of the advisers expected revenue to be even with, or higher than, 2008 results, according to a release of the survey results. Broker/dealer Securites America surveyed 200 advisers—one group at a forum in February and the other during a Webcast in April.

Respondents also noted that significant dislocation in the financial services industry has put many clients in play, and advisers plan on capitalizing on this dislocation. Eighty-six percent of respondents have already gained clients from wirehouses or large bank brokers, and 66% said that the clients made the move because they were not receiving the attention or level of service that they expected from the previous adviser.

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Cutting Expenses

When queried about how they are improving efficiency in their practices, advisers said they are reducing expenses on all items except those areas that directly impact client acquisition and client service, according to the release. Fifty-one percent said they had reduced their business expenses somewhat. More than half of those responding had reduced both office expenses, such as rent and vendor services, and travel/entertainment.

When asked where they had increased their spending during the past year, 43% responded that they were spending more on marketing/advertising/prospecting, the survey found. In terms of their message and how they are communicating with the marketplace, 80% said that although they have made some alterations, their core message remains the same.

 

 

 

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