March 10, 2017 | Written by: Brian Lincoln
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It’s common knowledge that all generations have not sufficiently planned and saved for retirement. Wealth management firms have been scrambling to encourage more planning and saving, but many of these efforts are likely to fall short of their objectives. Why? In a recent survey, IBM found that pre-retirement individuals of all ages are “too jammed to plan.” Close to two-thirds of survey participants feel they have not been sufficiently involved in retirement planning, and of those, the top reason for boomers, cited by 38%, was “I don’t have enough time.”
Interestingly, there was consensus on the importance of wealth management elements across the generations: all are looking for trustworthy advisors who provide value-adding personalized advice. Online channels are important to all ages, but even more so for millennials, while boomers lean toward in person advice for setting goals and planning. Other key survey findings illustrate the importance of hybrid advice and servicing, which can seamlessly pass between man and machine, enabling clients to drive the personalized experience that works best for them.
The stakes are high for both individuals and firms. Firms have the opportunity to win a greater share of the large retirement savings market, and to help individuals achieve their goals by deploying a new generation of inviting, easy-to-use tools that support personalization, education and collaboration. Emerging technologies, including cognitive analytics, are required to successfully reach those underserved clients across all demographic segments who are struggling to find the time to properly plan for retirement. Read the paper, Too Jammed to Plan: All ages need help in retirement planning to find out more.