Financial Advisors: Economic Downturn Hitting Boomers Hardest
Approximately one-third of survey respondents operated under a combination of fees and commission, while nearly two-thirds were commission only. Only 4 percent of respondents ran a fee-only business model.
MDRT’s Harriman says the PREP associations are working to better educate their members on the unique challenges Boomers face by providing members with communication tools and resources and by encouraging them to conduct community service education targeted at local Boomers. In addition to the sheer size of the Boomer generation, Harriman says this group faces financial challenges no previous generation has encountered, including pension terminations, skyrocketing healthcare costs, uncertainty about government programs such as Social Security, decreased personal savings rates and significantly increased life expectancy.
About PREP
Dedicated to improving financial literacy for Boomers, members of the Million Dollar Round Table (MDRT), the National Association of Insurance and Financial Advisors (NAIFA) and the Society of Financial Service Professionals (FSP) have founded PREP and are working in a concerted effort to provide awareness and education that will help Boomers take action in preparing for retirement. Other organizations including the American Council of Life Insurers (ACLI), Association for Advanced Life Underwriting (AALU), Association of Health Insurance Advisors (AHIA), GAMA International, Insurance Marketplace Standards Association (IMSA), Life and Health Insurance Foundation for Education (LIFE), National Association of Independent Life Brokerage Agencies (NAILBA) and Women in Insurance and Financial Services (WIFS) also have joined. To learn more about PREP, please visit www.PREPpartnership.com.
