In recent years, Senior Canadians are starting to live longer due to healthy and active lifestyles. While this is a very positive trend, it does present some challenges from a retirement planning perspective. When taking into consideration factors such as recent inflation numbers, it may be beneficial for advisors to help their clients become more involved in the planning process. With longer life expectancy, it is important to plan carefully to ensure clients do not outlive their wealth. Approximately two-thirds of Canadian financial wealth is owned by citizens who are either retired or nearing retirement. Financial advisors who are able to help their clients understand the importance of a stable income source will have an advantage.
There are a few ways advisors can start this process. Reassessing the approach to the retirement conversation is the first step. A majority of Canadians are unsure of what to expect from their golden years. Helping clients understand their goals and objectives for retirement will provide more guidance in the financial planning process. Another strategy is revisiting their income streams. More than half of Canadians have little confidence in their retirement income sources. Advisors and clients need to thoroughly analyze income sources such as pensions, registered and non-registered investments, and other assets.
For more insight on getting clients more invested in retirement planning, follow the link below
https://www.investmentexecutive.com/insight/columns/help-your-clients-get-more-invested-in-their-retirements/
