• Retired clients have two major concerns, according to the advisors surveyed. Thirty-six percent of advisors said running out of money concerned their clients most, while 23% said health-care costs were their clients’ top worry. They also worried about generating a reliable income stream and worried about a future stock market crash (concerns that came in third and fourth).
• Clients who are not yet retired have similar concerns. Advisors say their clients who are not yet retired are concerned most about outliving their assets and generating a reliable income stream. A future stock market crash comes in third.
• Almost all advisors are counseling at least some retirees and 63% of advisors say their client base is made up of 21% to 60% retirees.
• Most of the people who seek help from a financial advisor have at least some money, if not substantial amounts of investable assets, and are asking advisors for help in managing it. More than half (53%) of advisors say most of their clients have between $501,000 and $2 million to invest.
• Nearly 10% of advisors say most of their clients have $2.1 million to $5 million in investable assets; and, finally, 31% have clients with $100,000 to $500,000.
No matter what the amount of assets, people seeking out financial advisors want to make decisions but need guidance with the important questions, says D’Amico of Fidato Wealth. “They want specifics about what they should do. They are comfortable when they know [the details] are accounted for and, then, they do not react when the pendulum swings.”