If your company provides retirement plan participants with independent financial advice, a new study from GDC Research and Practical Perspectives could give you cause for concern.
The study finds that advisers are challenged by engaging with investors who are retired or almost retired. They are also divided as to the best way to generate sustainable income, according to the report. Specifically, many advisers lack the skills to address basic issues like setting realistic expectations or educating investors on what retirement really involves. While most advisers are confident in their abilities to serve retirees, they have not coalesced around a common strategy for generating retirement income and many lack capabilities to deal with common topics such as Social Security, Medicare or elder care.
