According to the survey, despite the efforts, advisors face obstacles in the form of product options to client’s unrealistic expectations.
While 72% of the survey respondents said that retirement income planning is either a large or core part of their practice, 23% admitted it to be a small but regular component of their activities.
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More than 98% of the respondents said that they are trying to build their expertise in retirement income planning, with 68% relying on online material and books, 52% on industry peers, 49% on fund companies and 45% on accredited courses for the same.
Phill Rogerson, managing director, consulting and product development for Russell’s US advisor-sold business remarked "With 10,000 Americans reaching retirement age every day, a growing number of investors are turning to their financial advisors for help in determining if, when and how they’ll be able to retire."
He further added "More than ever before, individuals are aware of the risk of running out of money in retirement. Advisors must work with clients to develop comprehensive, outcome-oriented financial plans that are revisited frequently and demonstrate a portfolio’s progress towards goals."
The survey respondents have also revealed that in order to help clients achieve retirement income goals, they mostly recommend a diversified portfolio of mutual funds (75%), dividend-paying equity funds (64%) or bond funds (51%).
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By GlobalDataThe least popular options being recommended are immediate annuities (61%) and fixed annuities (64%).
