IMCA Publication Analyzes Challenges Facing Next Wave of Retirees

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Aging clients, retiring advisors, and delayed planning among biggest hurdles

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More advisors calling it quits and lingering damage from the 2008 financial crisis are among key obstacles facing today’s soon-to-be retirees, according to a recent IMCA® publication. The second quarter 2016 IMCA Research Quarterly, Challenges Facing the Next Wave of Retirees, examines a range of retirement factors, including age demographics, advisor retirement trends, and 401(k) participants’ attitudes about their retirement readiness. Key findings include:

  • More demand for retirement planning. Nearly 17 percent of the U.S. population will be age 65 or older by 2020, and more than half will be age 45 or older by 2060, according to U.S. Census data.
  • Playing catchup. Almost 70 percent of 401(k) participants age 60–69 believe they are behind in saving for retirement, while only 15 percent age 40–49 believe they are on track saving for retirement.
  • A shrinking advisor pool. The average advisor age is 50 years old and 36 percent of advisors plan to retire within the next 14 years.
  • Fiduciary expectations. On average, 76 percent of clients over age 50 consider the primary responsibility of their advisor as fiduciary in nature.
  • Ranging attitudes about financial goals. Only 21 percent of households in their thirties consider standard of living in retirement an important financial goal, compared to 52 percent of households in their fifties.

Click here to read the publication.

IMCA Research Quarterly is a benefit of IMCA membership and is created and published in partnership with Cerulli Associates. IMCA and Cerulli Associates have worked in partnership since 2008.

Contact: Ryan Hoffman, Communications Director. P: 303.850.3079. E-mail: Twitter:@IMCA.

About IMCA
Established in 1985, Investment Management Consultants Association® (IMCA®) is a nonprofit professional association and credentialing organization with more than 10,700 individual members and certificants worldwide. IMCA’s mission is to deliver premier investment and wealth management credentials and world-class education. Since 1988, IMCA has offered the Certified Investment Management Analyst® (CIMA®) certification, which is accredited by the American National Standards Institute (ANSI), to meet international standards (ISO 17024) for personnel certification. IMCA’s Certified Private Wealth Advisor® (CPWA®) certification is suited for wealth management professionals working with high-net-worth clients. In 2015, IMCA conferences, online education and regional seminars hosted more than 4,500 attendees.

IMCA® and Investment Management Consultants Association® are registered trademarks of Investment Management Consultants Association Inc. CIMA®, Certified Investment Management Analyst®, CIMC®, CPWA®, and Certified Private Wealth Advisor® are registered certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.

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Ryan Hoffman
Investment Management Consultants Association
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