TITLE

Approaching Retirement is Biggest Motivator…

PUB. DATE
January 2000
SOURCE
Journal of Financial Planning;Jan2000, Vol. 13 Issue 1, p25
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents the results of the first annual CFP practitioner survey conducted by the Certified Financial Planner Board of Standards in the U.S. related to financial planning. According to the survey, approaching retirement is the single biggest life event that drives prospective clients in the door. A close second is the related event of a pension or Individual Retirement Account rollover. The next few life events, in descending order of importance, are inheritances or unexpected windfalls, college education, erosion of investments, marriage and divorce, and the birth of a child. The survey also found that fee-and-commission was the primary form of compensation for 41 percent of the practitioners, while 25 percent were commission-only and 2.1 percent were fee-only. One-third of the planners had 100 or fewer clients, while 21 percent had 400 or more. Despite the desirability of high net worth individuals as clients for many planners, the survey found that only 21 percent of the clients earned over $100,000 a year, and only 21 percent had net worths above $500,000.
ACCESSION #
2711340

 

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