The financial planner, in this day and age, is often seen as something akin to the proverbial fox in the hen house- and may be treated likewise. The economic outlook is grim, and this doesn’t inspire confidence in clients; open any paper and dire predictions are handed out like candy at a pre-school playground. The catch-22 is that, while talking about one’s financial future is something many clients would rather avoid, now is the exact time solid financial advice is needed. This is particularly true for Baby Boomers. Here is the bad news:

• Baby Boomers, in general, don’t save the way their parents did, or the way they should. One-fourth of Baby Boomer households have so far failed to accumulate significant savings, and will most likely have to rely on government benefits to retire.
• There are currently 79 million Baby Boomers in the United States. According to the U.S. Census Bureau, only 20 % of them have a clear plan for their retirement.
• The aging of an enormous generation is combined with the lengthening of the average life span. Many Americans, therefore, expect to work longer, more often than not until death.

What is the financial planner to do in this type of climate? The task of re-creating trust, exuding confidence, providing realistic advice and even results, seems daunting; it is no wonder that many advisors are feeling the pressure. In addition, as Newsweek’s columnist Anna Quindlen pointed out in her recent article Dollars and Sense: “Many Americans don’t understand the basics of the economy”(Newsweek, 3-30-2009, p. 62). If that statement rings true for your clients, you have to address some serious issues. Don’t worry, you are not alone, and there is a solution.

Identifying your problems is essential; they may include some or all of the below:

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Retirement Is Not a Dead End
Americans today are living longer than ever and enjoying an active lifestyle at a more advanced age than their parents ever did.  A famous saying from a decade or two ago was, “Forty is the new thirty.”  When it comes to business owners, though, you might say, “Seventy is the new fifty.”  Even though the traditional retirement age is 65, many people work well beyond that, correctly believing that remaining physically and mentally sharp in their golden years will greatly improve their overall quality of life.  Others choose to work longer due to economic concerns, as retirement funds and pensions have taken a financial hit in recent years.  Embarking on a second career can be a very rewarding experience, and many retirees choose the route of buying a franchise.

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