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Where Do you Go for Financial Advice?
At the top of the list is feeling "done" (satisfied or frustrated) with work. Children reaching financial independence, having one's "financial house" in order, knowing relatives died at a young age, and seeing friends retire are all precursors for this transition. Few Americans cite reaching a financial goal or a "go-ahead" from an adviser. According to a press release, 16% of those 55 to 64 consider themselves “Pre-Retirees,” primary household breadwinners within five years of retirement. The Pre-Retiree lifestage group is comprised of diverse age groups. Slightly more than half of Pre-Retirees are 55 to 64. The analysis shows total U.S. household investable assets at $30.2 trillion at year-end 2010 with retirement assets at $10.7 trillion and taxable assets at $19.5 trillion. Taxable assets climbed steadily since 2004, from $12.9 to $19.5 trillion. Retirement assets recovered from a bad stumble down to $8.1 trillion in the crash of 2008, rising to slightly surpass their 2007 peak of $10.5 trillion. Pre- and Post-Retirees (and Fully Employed Seniors) control one out of every two investable dollars (more than $15 trillion). Emerging/Early, Mid- and Late-Career investors control the other half of the $30.2 trillion and represent the long-term future of saving and investing. Investors moving down in assets have changing views of financial advisers and firms based on their fluctuating fortunes. “For some households, the drop in asset segment was because of personal investment choices, and a segment of those are now seeking the help of a professional financial advisor, a behavioral segment identified by Hearts & Wallets as ‘Upshifters,’” said Laura Varas, Hearts & Wallets Principal, in a press release. “Other households suffered the decline while having professional financial advice, and some, ‘Downshifters,’ now question the value of that advice and whether they might make better choices themselves. We were already seeing investors want to better understand the value of what they are paying for. This disruption is accelerating that trend.”
At the top of the list is feeling "done" (satisfied or frustrated) with work. Children reaching financial independence, having one's "financial house" in order, knowing relatives died at a young age, and seeing friends retire are all precursors for this transition. Few Americans cite reaching a financial goal or a "go-ahead" from an adviser.
According to a press release, 16% of those 55 to 64 consider themselves “Pre-Retirees,” primary household breadwinners within five years of retirement. The Pre-Retiree lifestage group is comprised of diverse age groups. Slightly more than half of Pre-Retirees are 55 to 64.
The analysis shows total U.S. household investable assets at $30.2 trillion at year-end 2010 with retirement assets at $10.7 trillion and taxable assets at $19.5 trillion. Taxable assets climbed steadily since 2004, from $12.9 to $19.5 trillion. Retirement assets recovered from a bad stumble down to $8.1 trillion in the crash of 2008, rising to slightly surpass their 2007 peak of $10.5 trillion.
Pre- and Post-Retirees (and Fully Employed Seniors) control one out of every two investable dollars (more than $15 trillion). Emerging/Early, Mid- and Late-Career investors control the other half of the $30.2 trillion and represent the long-term future of saving and investing.
Investors moving down in assets have changing views of financial advisers and firms based on their fluctuating fortunes.
“For some households, the drop in asset segment was because of personal investment choices, and a segment of those are now seeking the help of a professional financial advisor, a behavioral segment identified by Hearts & Wallets as ‘Upshifters,’” said Laura Varas, Hearts & Wallets Principal, in a press release. “Other households suffered the decline while having professional financial advice, and some, ‘Downshifters,’ now question the value of that advice and whether they might make better choices themselves. We were already seeing investors want to better understand the value of what they are paying for. This disruption is accelerating that trend.”
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