Between the years of 1946 and 1964, it is estimated that 76 million babies were born in America. Known as the baby boomers, many are reaching their retirement years in a drastically changing economy. This demographic owns over 80% of all the personal wealth in North America’s financial institutions, making them an important group for financial services and investments.
As baby boomers transition from workplace into retirement, they are looking for planning and advice to successfully move their assets from an accumulation phase to an income generation phase. As they approach retirement, there is a huge opportunity for Advisors to reach new clients. The baby boomer generation is now more important then ever and yet:
- Only 52% of pre-retirees consult a financial planner. (Retirement Survey Report, 2014)
- Only 44% of retirees consult a financial planner. (Retirement Survey Report, 2014)
- Roughly 96% of pre-retirees and 89% of retirees respond that they are concerned to some degree about their long-term financial future in retirement, but only 48% have a financial Advisor. (Retirement Survey Report, 2014)
- 41% use the Internet to research Financial information. (eMoneyAdvisor, 2014)
The Internet is the most important source of information for Boomers when they make major purchasing decisions (Zoomerang, 2015), which means Advisors need to be up-to-date on their online marketing game in order to reach this demographic, and stay ahead of the competition. This series of articles will focus on how Advisors can gear their marketing to the baby boomer generation. But first, let’s take a look at the Infographic below, courtesy of eMoneyAdvisor, which validates that this demographic has a huge online presence, and are in need of financial advice.