Insights | 06.30.20
Advisors Falling Short on Retirement Risk Client Talks, Allianz Says
An Allianz Life Study has found that financial advisors are doing a poor job of discussing retirement longevity with their clients. The survey of pre-retirees, near-retirees, and the retired found that there were gaps in talks financial advisors were having with clients that could help protect retirement assets. While retired respondents were confident about how long their money would last, only six out of 10 non-retirees said running out of money before they died was a major concern. Twenty-seven percent of non-retirees who have a financial advisor said they had talks about longevity risk. Meanwhile, less than 15 percent said they shared the concern of longevity risk effecting their retirement. Kelly LaVigne, vice president of Consumer Insights, Allianz Life, said, "It’s crucial that we acknowledge the different challenges that are keeping clients up at night and build these risk-based discussions into the regular planning process.”
Read the full article on Financial Advisor.