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Did you see the recent survey from Charles Schwab that said American workers accept responsibility for financing their own retirement and are relying primarily on their 401(k) to get them there?
It is good to see people taking charge of their savings, but there was another part of the survey that raises some concerns – and some opportunities. The survey revealed that more than half of the participants find explanations of their 401(k) investments more confusing than explanations of their health care benefits! Fifty-seven percent wish there was an easier way to figure out how to choose the right investments. That’s troubling of course – but here’s where the opportunity comes in. The same survey shows that people want professional help. In fact, 61 percent want personalized investment guidance on everything from asset allocation to risk tolerance and retirement planning.
And most importantly, the survey found that investment confidence nearly doubles when workers have the help of a financial professional! There’s the opportunity.
How do you work with clients to help bring clarity to retirement savings?
To read more about the survey from Charles Schwab, click here