Slideshow 5 ways written retirement plans benefit advisers

Published
  • September 09 2015, 11:42am EDT
6 Images Total

Overview

When a retirement adviser uses a written plan, it helps to increase confidence, satisfaction and trust with affluent clients, however, just half of these consumers have a formal written plan, according to a recent LIMRA Secure Retirement Institute study.

This study looked at Americans at three asset levels: $500,000 to $999,999, $1 million to $3.5 million, and $3.5 million-plus.

Here’s how written plans can benefit advisers and their clients:

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1) Satisfaction

40% of clients give their adviser a perfect satisfaction score, compared to 15% who don’t have a written plan.

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2) Trust

42% of clients trust their adviser and their advice, compared to 14% who don’t have a written plan.

3) Increased business

55% of clients consolidated three-fourths or more of their assets with an adviser, compared to 38% who didn’t have a written plan.

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4) Involvement

62% of clients took considerable help from their adviser, compared to 29% who didn’t have a written plan.

5) Confidence

54% of clients are very confident about life in retirement, compared to 28% who didn’t have a written plan.