Utilization of financial advisors by affluent retirees Academic Article uri icon

abstract

  • Approximately 78 Million baby boomers will reach traditional retirement age during the next 20 years. As the wave of baby boomers retire a shift in focus from asset accumulation to asset decumulation will occur relating to new retirement challenges. Financial advisors will continue to be an integral part of the asset decumulation phase as they are in the accumulation phase of retirement 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 find 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. 2010 Academy of Financial Services. All rights reserved.

published proceedings

  • Financial Services Review

author list (cited authors)

  • Salter, J. R., Harness, N. J., & Chatterjee, S.

publication date

  • January 2010