What resources would financial advisors like to have to advance their expertise in the areas of retirement income planning and strategy? According to the September edition of Russell Investments’ quarterly Financial Professional Outlook, nearly all respondents said they would like something to help them. The top choices included planning implementation tools (53%), seminars or workshops (45%) and self-study materials (35%). The latest Outlook surveyed 321 FAs at more than 100 national, regional and independent advisory firms.
“In some ways we were surprised to see advisors choose planning/implementation tools as their number one resource,” Russell analysts noted. “In our experience, advisors often say the last thing they want is another planning tool. However, generating retirement income requires precision, and it appears that many advisors understand this and would welcome a tool to help them get the job done.”
The survey also suggests that there is no clear consensus on a best practice in the way advisors evaluate and measure success. Advisors reported that the most popular method is preservation of principal after distributions (34%) followed by a portfolio that maintains a projected rate of return (20%) and current net present value of projected assets versus liabilities (15%). An “other” category (19%) included a range of planning tools, software and simply reviewing a client’s financial plan.
So here's the question: Russell polled FAs, not plan advisors. Does the same need for planning and implementation tools, seminars and self-study material exist on your side of the fence? Do you feel that plan advisors should be better informed? Start a conversation in the comment box below.
