SUBSCRIBE NEWSLETTER
  • Change Language
  • English
  • Hindi
  • Marathi
  • Gujarati
  • Punjabi
  • Tamil
  • Telugu
  • Bengali
  • Business Development Opportunities in retirement planning

    Opportunities in retirement planning

    Key highlights of PV Subramanyam’s speech at CIFA17.
    Daya R May 29, 2017

    One of the major mistakes most IFAs do according to financial coach and author, PV Subramanyam is putting all the retired clients into a single bracket.

    “One of the biggest problems today is that most advisors are young. That is not many are above the age of 60. Therefore, none of us has a clear understanding of what this category of clients want, their risks and so on. While we are well versed with the accumulation stage, we have no idea about the disbursal stage,” he says.

    According to Subramanyam aka Subra, the retired clients need to be segregated into three broad categories. The first is from retirement until the age of 70, the second from 70 to 80 and finally from 80 onto death. Subra says advisors need to understand the challenges for each category.

    Subra describes general characteristics of retired clients depending on their age to help you understand them better.

    Retirement to 70: Have money, energy and will to travel. Might do regular national or international travel.

    70 - 80: Do not have the energy to travel so might travel only when it is necessary like in case of death or other family events.

    80 and above: More dependent on family, there is no travel involved.

    Opportunities for IFAs:

    Subra feels that the nature of the post retirement category shows that they are mostly averse to technology and need more hand holding. “Unlike 25 year olds, this category of investors will never consider robo. Therefore, they make the perfect clients for those advisors who still prefer the traditional way of transactions. Also after a certain age, they need the help of family member to make decisions. This calls for a lot of hand holding from advisors,” he says.

    “Also these clients are unsure when to plan their annuity, when to plan reverse mortgage, etc. Advisors can guide them on these issues too,” he says.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

    Click to clap
    Disclaimer: Cafemutual is an industry platform of mutual fund professionals. Our visitors are requested to maintain the decorum of the platform when expressing their thoughts and commenting on articles. Viewers are advised to refrain from making defamatory allegations against individuals. Those making abusive language or defamatory allegations will be blocked from accessing the web site.
    0 Comment
    Be the first to comment.
    Login or Sign up to post comments.
    More than 2,07,000 of your industry peers are staying on top of their game by receiving daily tips, ideas and articles on growth strategies. Join them and stay updated by subscribing to Cafemutual newsletters.

    Fill in the below details or write to newsdesk@cafemutual.com and subscribe to Cafemutual Newsletter now.