The Pre-Retirees are estimated to number between 75 million and 77 million and hold some $8 trillion in assets. Although there is no bright-line distinction between them and the younger Wealth Accumulators, they tend to look at life differently. The over-50 crowd begins to ask: What have I accomplished? Can I sustain my lifestyle? Do I need to save more than I do today?
The change of mindset that leads Pre-Retirees to ask these questions is far more important than whether they continue to accumulate wealth. As Pre-Retirees think about their lives and the legacy they want to leave, advisors must shift from a sales to a service perspective.
To provide the added-value advice and service they need, financial advisors must look at their Pre-Retiree clients’ lives holistically in
collaboration with risk and insurance advisors.