The head of wealth planning for PNC, Stephen Pappaterra shared his comments on press release sharing the survey results. “People are finding it easier to develop habits devoted to physical fitness than for financial fitness… As with physical fitness, reaching a retirement goal doesn’t happen by chance. Advisors and clients must have better conversations to create a realistic plan built around their goals and dreams while taking into account their current financial situation.”
Other Survey Findings:
- 65% Said they found financial matters to be complex
- 67% Reported procrastinating over finances
- 65% Had not prepared an income plan for retirement
- 77% Reported they live well within their means
- 43% selected saving money into a retirement accounts as the best step for retirement planning
- 46% Had worked with a planner to create a financial plan
- 54% Said they would like the advice of a planner to help prepare for retirement
Make sure your clients have clear goals for their financial future and work with your clients to develop best actions to help them achieve their goals. Creating a financial plan with your clients is a perfect way to start. Silver Financial Planner and Easy Money provide forward-looking goal-based projections and include calculated actions to help solve for shortages. People often procrastinate when they do not have clear direction. Working with clients to determine the actions they can take today to improve their financial fitness.
Meet with clients regularly to adjust and update their financial plan to provide clarity to an uncertain future and work with your clients to continue developing the right actions and behaviors to lead to a successful financial future. For clients in retirement, Golden Years is the perfect cash flow driven financial planning software to prepare a retirement income plan.