{"id":9947,"date":"2022-06-07T10:21:00","date_gmt":"2022-06-07T15:21:00","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=9947"},"modified":"2022-07-07T10:35:23","modified_gmt":"2022-07-07T15:35:23","slug":"which-type-of-financial-planning-is-most-sought-after","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/which-type-of-financial-planning-is-most-sought-after\/","title":{"rendered":"Which Type of Financial Planning Is Most Sought After?"},"content":{"rendered":"\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"#retirement-planning\">Retirement Planning<\/a><\/strong><\/li><li><strong><a href=\"#a-learning-process\">A Learning Process<\/a><\/strong><\/li><li><strong><a href=\"#the-main-concerns-about-retirement\">The Main Concerns about Retirement<\/a><\/strong><\/li><\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2><strong><a id=\"retirement-planning\"><\/a>Retirement Planning<br \/><br \/><\/strong><\/h2>\n<p>One of the most sought after financial services clients seek out from advisors is <a href=\"https:\/\/rixtrema.com\/blog\/what-kind-of-risks-do-you-need-to-take-when-it-comes-to-planning-retirement-income\/\">retirement planning<\/a>. This service is popular among both older and younger consumers, according to a survey by the <a href=\"https:\/\/granum.theamericancollege.edu\/\">Granum Center for Financial Security<\/a>.<\/p>\n<p>What consumers really want is retirement income planners. Those they can fully trust and rely on. Day traders need not apply.<\/p>\n<p>According to a survey by the Granum Center for Financial Security, retirement planning was the most in demand service for both older and younger consumers (71%), and was equally popular among men and women. Meanwhile, 3 out of 10 consumers (31.3%) chose \u201cunderstanding how much I can safely spend in retirement\u201d as the top service they want from a financial advisor.<\/p>\n<p>The study also showed that 27.1% of consumers listed \u201cknowledge\u201d as the attribute that\u2019s most important to them when they\u2019re picking a financial advisor, and half (49.2%) cited knowledge as one of the top three characteristics.<a id=\"a-learning-process\"><\/a><\/p>\n<p>\u00a0<\/p>\n<h2><strong>A Learning Process<\/strong><\/h2>\n<p>\u00a0<\/p>\n<p>Looking at this data, we can see a clear need for further education and specialized knowledge in retirement income planning, it is what consumers want, and it is what advisors in the RIA community think is valuable.<\/p>\n<p>Financial advisors seem to be getting the message that their clients expect them to know how to prepare them for retirement. Thus, retirement income planning is the area independent advisors most want to grow in advanced expertise, followed by issues facing a similar clientele like estate planning and advanced tax planning.<\/p>\n<p>\u00a0<\/p>\n<p>Concerning more advanced knowledge or specialization, nearly three in five (58.5%) independent advisors at RIAs strongly agree that expertise obtained by pursuing a\u00a0<a href=\"https:\/\/www.investmentnews.com\/video\/213234\">financial services designation<\/a>\u00a0has helped advance their career. And professional designation programs (66.6%) are among the most preferred education formats for applied specialized knowledge.<\/p>\n<p>Most advisors agree that continuous learning is critical to the growth and success of their business, the value being more linked to integrated planning services than active security selection.<a id=\"the-main-concerns-about-retirement\"><\/a><\/p>\n<p>\u00a0<\/p>\n<h2><strong>The Main Concerns about Retirement<\/strong><\/h2>\n<p>\u00a0<\/p>\n<p>As RIAs stream back into the classroom to study advanced retirement planning skills, the math problem confronting their clients grows simpler: they need more money to retire.<\/p>\n<p>According to the <a href=\"https:\/\/www.schroders.com\/en\/us\/defined-contribution\/dc\/retirement-survey-2022\/\">Schroders 2022 U.S. Retirement Survey<\/a>, working Americans say on average it will take $1.1 million in savings to retire comfortably. However, 56% of those surveyed say they expect to have less than $500,000 saved, including 36% who expect to have less than $250,000. Only about one-quarter (24%) expect to reach the $1 million mark, according to the study.<\/p>\n<p>\u00a0<\/p>\n<p>Last year, the percentage of working Americans nearing retirement age (60-67 years old) who said they have enough money to retire was 26%. As a result of\u00a0<a href=\"https:\/\/www.investmentnews.com\/strategists-see-lower-returns-as-economy-mirrors-1970s-221732\">spiking inflation<\/a>, that number has declined to just 22% this year, according to the study.\u00a0<\/p>\n<p>\u201cThese are seriously challenging times, and they seem to be taking a toll on the American worker and their belief about achieving a comfortable retirement,\u201d Joel Schiffman, head of intermediary distribution for North America at Schroders, said in<a href=\"https:\/\/www.schroders.com\/en\/us\/media-centre\/working-americans-say-it-will-take-$1100000-saved-to-retire-comfortably-but-less-than-one-quarter-will-get-there\/\">\u00a0a statement.<\/a>\u00a0\u201cThis year, inflation is the number one concern Americans have about their retirement, and next year, it may be something else.\u201d<\/p>\n<p>One thing that might help those workers feel better is having a plan for how to achieve their retirement goals. The Schroders survey found that less than a quarter of respondents (23%) had a written retirement plan to guide their decisions, while 40% said they had done some planning but didn\u2019t have a formal plan, and 37% have not done any planning.\u00a0<\/p>\n<p>Among those without a plan, 76% say the idea of planning is overwhelming while 56% say it doesn\u2019t make sense given that life is so uncertain.<\/p>\n<p>\u201cGiven the relatively small percentage of Americans who have taken the time to create a specific plan for generating enough assets for retirement, it\u2019s not surprising to see that many believe a dream retirement is out of reach,\u201d Schiffman said.\u00a0\u201cAs an industry, we need to drive the benefits of planning, of investor education, of starting sooner to save in defined contribution plans and IRAs and investing for growth.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>At RiXtrema, we provide financial advisors prospecting software for plans all over the country. Our tools use qualified plan data taken from 5500 filings and open sources, reaching out to plan executives with marketing letters. We comply with fiduciary regulations, and can measure the risk of every client\u2019s portfolio. You can find all of RiXtrema&#8217;s products on our main website <a href=\"https:\/\/rixtrema.com\/\">rixtrema.com<\/a> and sign up for a free demo of any tool!<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the most sought after financial services clients seek out from advisors is retirement planning. This service is popular among both older and younger consumers, according to a survey by the Granum Center for Financial Security.<\/p>\n","protected":false},"author":25,"featured_media":9933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[168],"tags":[],"class_list":["post-9947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2022\/06\/Transforming-Financial-Advisors-Into-Marketing-Experts.jpg","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which Type of Financial Planning Is Most Sought After?<\/title>\n<meta name=\"description\" content=\"One of the most sought after financial services clients seek out from advisors is retirement planning. 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