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March 13, 2006
What Do Boomers Want?
A practice management article in the February 2006 edition of Boomer Market Advisor discusses an issue which came up, albeit briefly, at the Managing Retirement Income Conference. The issue is our satisfaction (or lack thereof) with our financial advisors. I posted the McKinsey numbers previously. You can find them here if you are interested.
Jack May, director of advisor solutions with SEI Investments, says boomer demands are simple. "The bottom line for the boomers is clear," he says. "It's all about me and my life - if you help me clarify and gain control of the bigger picture of my life, you'll earn my gratitude, my loyalty, and my business."
[ … ]
"Representation, education, options and control: these are what boomers crave," May says. "Yet the industry is not living up to the task and this is evident in the research. Today's investors are not satisfied with the level of service they are receiving from their advisors.
The need for boomers to be in control of their assets was another topic that came up numerous times at the conference in Boston. Probably no surprise there.
What I would like to know is what do YOU want? Is the picture May painted accurate? Is this you? Yes? No? Tell me about it. Of course, I hope it is, since these principles are the foundation of my business. And if these words (representation, education, options and control) ring true for you, tell me what they mean to you. Can you give examples, both good and bad?
As always, I would like to know what you think. Post your comments and feedback below.
SOURCE:
1. Denis Storey, "Made to Order: Products draw boomers in, service keeps them" Boomer Market Advisor; February 2006; pp 25 - 26
http://boomermarketadvisor.com/index.cfm?cid=7682&articleid=415
Kim Snider, Kim Snider Financial Communications, Chronim Investments and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.
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Kim Snider is an author, speaker and host of Financial Success Coaching, Saturdays at noon, on KRLD Newsradio 1080, Dallas - Fort Worth. This blog is primarily devoted to empowering individual investors with information to help them be good stewards of their money. Above all, it is about achieving true financial success. Kim's book, How To Be the Family CFO: Four Simple Steps to Put Your Financial House in Order is in bookstores now. Order yours from Amazon or other fine booksellers today.
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