Growing up, we had a Burmese Python as a pet...which seems to make more sense when you consider that my father was a scientist. The snake lived in a herpatarium in the TV room...and was allowed to come out and slither around our thin necks while we watched our favorite programs, "The Wonderful World of Disney", "Captain Satellite", "Get Smart," etc. When the reptile reached 8 feet in length, my father's scientific training kicked in and he realized that it was probably not a wise thing to have a reticulated constrictor...and five young boys...in the same household.
For the past 40 years or so, 80 million Baby Boomers have been the proverbial "pig in the python" as they moved, slowly and inexorably, through the workforce system, and towards its tail. In 2006, the first cohort of the Baby Boomers turns 60. As a result, the entire financial services industry has been thrown in a 'tizzy,' as it debates what the Boomers will do with the $50 trillion of household net worth that they are supposed to control.
Are they prepared for retirement? What investment strategies will Boomers follow as they age? What will they do with all of that home equity? Will they reinvent what retirement looks like? Will they reinvent 'aging'? How will rising indebtedness affect their plans?
One interesting question is the role that financial advisors will play in all of this. As it stands now, the answer to this question is, "Not that much."
In a recent study by the Phoenix Affluent Marketing Service, it was discovered that close to 50% of all affluent Baby Boomers do not have a financial advisor...and only 30% of those that do have an advisor...have a written financial plan.
The fact that 50% of all affluent Baby Boomers are "un-attached" advisor-wise...is both an indictment of the financial services industry, and an opportunity for savvy advisors who figure out how to pick this low-hanging fruit.
Variety is the spice of life.
fd
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