Prepared Retirement Institute believes that people of a certain wealth want their family to run like a business. The firm serves as a personal chief financial officer, providing a one-stop shop for taxes, insurance, investments, retirement planning, and estate planning. Clients are often surprised that their advisor wants to review their tax returns and can add value to the conversation by doing so.
Most new financial advisory clients are between ages 55 and 65 and have accumulated wealth between $2 million and $10 million. These mass affluent clients have lots of questions regarding retirement, Medicare, and Social Security, and a longing to know how their financial life is doing and what goals it can be possible to reach.
While advisors are working with clients on retirement planning, the average age of an advisor is 60. With more advisors over age 60 than under age 40, the financial advisory business needs a succession plan and a process for bringing younger advisors into the business. The technological advances of recent years are bringing younger talent into the advisory business. However, older advisors need to be comfortable turning their clients over to younger, yet experienced advisors, which requires training and mentorship of younger advisors.