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In Practice October 3, 2007
Financial Advice More Wanted Than Workout Advice
People want financial guidance in planning for retirement and they want their adviser to tell them what they should do, but they want to retain personal responsibility for what they choose to do with that guidance.
Reported by Alison Cooke
If told they need to save more money now to maintain their lifestyle in retirement, nearly half (46%) say that they would ask a financial adviser to “tell me what I should do,” according to the findings of a recent survey conducted on behalf of the Securities Industry and Financial Markets Association (SIFMA). Nearly one-third of respondents would say “make the process easy for me.”
More than half (53%) of 1,001 people polled said they would choose to receive financial advice over that of a personal trainer, interior designer, or fashion consultant if given the opportunity.
“When it comes to retirement planning, a striking proportion of adults across every segment of the population crave financial advice,” said Marc Lackritz, president and CEO of SIFMA, in a statement. “Clearly guidance and ease are significant motivating factors when it comes to saving for retirement. This survey suggests people are paying attention, prioritizing and want help.”
Half of the survey respondents say they evaluate their financial plans for retirement at least once a year; compared to one-quarter who say “occasionally, when I get around to it;” and 19% who say they “never” do.
Regular planning leads to more confident and comfortable investors, the survey found. Nearly a third of American adults continue to describe themselves as either “apprehensive,” “panicked,” or “clueless” about their retirement preparedness, and young people (those age 18-34) are the most likely to admit feeling clueless about saving for retirement, with 22% agreeing with that statement.