Utilization of financial advisors by affluent retirees
DOI:
https://doi.org/10.61190/fsr.v19i3.4977Keywords:
Financial advisor, Financial advice, Retirement income, RetirementAbstract
Approximately 78 Million baby bootners will reach traditional retirement age duting the next 20 years. As the wave of baby boomers retire a shift in focus from asset accumulation to a.sset decumulation will occur relating to new tetiretnent challenges. Financial advisors will continue to be an integral part of the asset decumulation phase as they are in the accumulation phase of retiretnent planning. The authors investigate the factors relevant to affluent retirees' utilization of financial advisors and the differences in planning activities undertaken by those utilizing an advisor using a proprietary dataset. The authors tind the variables of gender, education, marital status, wealth, and debt all to be associated with the use of financial advisors. Utilization of advisors was also associated with an increased level of planning activities, awareness, and confidence.
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