A resurgent stock market notwithstanding, a new advisor survey finds that post-retirement concerns appear to be creeping higher – among advisors.
In The American College of Financial Services' poll of 419 Retirement Income Certified Professional designation holders, when advisors were asked if they were more concerned about their clients’ retirement security post-election, more than half (53%) reported that the election results have increased their concerns.
On the other hand, 23% felt the election has had no impact, and slightly more (24%) believe the election has improved the outlook for their clients’ retirement security.
However, advisors report that clients’ leading concerns are focused on potential post-election changes to health care (27%) and Social Security (22%).
Among advisors surveyed:
- 40% are taking risk off the table for their retired clients by buying income annuities.
- 50% are rebalancing their retirement client investment mix to lock in gains or reduce risk.
- 5% are encouraging their retired clients to invest more heavily in the market.
Not surprisingly, in this time of uncertainty, more than half (53%) of the advisors polled say they have told their clients to stay the course.
