An August 2012 study from the Deliotte Centre for Financial Services (and Harris
Interactive) shows too many Americans may not be adequately
preparing for retirement or likely believe a successful plan is beyond their
capabilities.
58% of Americans do not have a formal retirement income and
savings plan in place even though 50% cite retirement as a priority
Too few may be turning to professionals for advice and solutions. Why?
Conflicting priorities – balancing such long term needs with other, more immediate,
financial priorities
A failure to communicate – Financial institutions
often do not effectively reach those who may need retirement planning advice
and solutions…And even when they do, they
don’t necessarily integrate consumers’ retirement needs as part of a
broader financial plan taking into account other priorities
A lack of product awareness – many consumers are
simply not familiar with a number of retirement product options at their
disposal.
Mistrust in financial institutions & intermediaries
Do it myself mentality-4 out of 10 prefer managing their portfolio on their own
LegacyTracker as a white label/co-branded solution, can help with the top 3
Visit Deloitte Financial Services here
Financial companies make promises to its clients for good retirement plans but unfortunately fails to prove their commitments. These situations create problems for consumers. The post is really useful for consumers to avoid these situations.
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