5 ways written retirement plans benefit advisers
September 9, 2015 11:42 AM
Overview
When a retirement adviser uses a written plan, it helps to increase confidence, satisfaction and trust with affluent clients, however, just half of these consumers have a formal written plan, according to a recent LIMRA Secure Retirement Institute study.
This study looked at Americans at three asset levels: $500,000 to $999,999, $1 million to $3.5 million, and $3.5 million-plus.
Heres how written plans can benefit advisers and their clients:
[Image: Fotolia]
This study looked at Americans at three asset levels: $500,000 to $999,999, $1 million to $3.5 million, and $3.5 million-plus.
Heres how written plans can benefit advisers and their clients:
[Image: Fotolia]
1) Satisfaction
40% of clients give their adviser a perfect satisfaction score, compared to 15% who dont have a written plan.
2) Trust
42% of clients trust their adviser and their advice, compared to 14% who dont have a written plan.
3) Increased business
55% of clients consolidated three-fourths or more of their assets with an adviser, compared to 38% who didnt have a written plan.
4) Involvement
62% of clients took considerable help from their adviser, compared to 29% who didnt have a written plan.
5) Confidence
54% of clients are very confident about life in retirement, compared to 28% who didnt have a written plan.
