Is your money manager really listening?

February 23, 2024
1 min read


Key Points:

  • 77% of financial advisers suggest including protected income in retirement portfolios, but only 33% of investors recall this recommendation.
  • 61% of individuals aged 61-65 have either quit working or moved to part-time employment.

According to a 2023 study by the Alliance for Lifetime Income and Cannex, a common breakdown in communication occurs between financial advisers and their clients when discussing retirement planning. While advisers may suggest including protected income in retirement portfolios, many investors do not recall this recommendation. Effective communication, including note-taking and summarizing, is crucial to ensure that both parties fully understand each other’s perspectives. This is particularly important for women, who often face challenges in reaching their retirement income goals due to lower savings and disengagement from the advisory process.

As interest rates rise and market volatility increases, financial advisers are adapting their retirement planning approaches to address concerns such as inflation and health care costs. The use of the “talking stick” method, where individuals summarize each other’s points before speaking, can help improve communication and ensure that important retirement income needs are met. With a record number of Americans reaching retirement age, effective communication between advisers and investors is more crucial than ever to navigate the complexities of retirement planning successfully.

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