Posts Tagged ‘Benchmark’
Wednesday, April 25th, 2012
In May, U.S. insurer Met Life issued a 28 page report, quantifying where Americans stand in terms of their preparation for retirement.
This readiness index measures fifteen tasks — attached to the report is a questionnaire that advisors can take clients through to benchmark where clients stand on each task and identify areas to work on.
The fifteen tasks for retirement readiness
The fifteen tasks fall into five areas:
Activities related to income and benefits.
This includes assessing when full time retirement will be financially feasible, evaluating the impact of changes in the economy on pensions, investments and retirement benefits and determining what has to be done to receive the company and Government benefits that clients are entitled to.
Work related tasks
This makes up five of the fifteen things to do.
These include deciding whether to fully retire or work part-time, identifying the options for full time or part time work in retirement, figuring out if skills can be easily transferred to part-time work and exploring alternate career or part time opportunities in retirement.
Leisure related activities
Leisure related tasks include things like determining the balance between work and leisure in retirement and identifying personal goals in retirement.
Relationship tasks to prepare for retirement capture thinking through the impact of retirement on relationships with a spouse, family and friends and also considering the effect on relationships with co-workers.
Planning for retirement
This includes determining what it will take to have a satisfying retirement, identifying alternate plans should there be an unexpected setback related to health or financial issues and also evaluating whether retirement plans meet the demands of potential changes.
Conclusions on retirement readiness
This report reached a number of general conclusions.
First, getting ready to retire is more complicated than just having enough money — there are many dimensions to a satisfying retirement.
In fact, the report points out that existing retirees have provided a road map to what has to happen to maximize the odds of a satisfying and fulfilling retirement.
And second, completing these tasks doesn’t mean that someone should retire — but it does mean they can retire, they’re ready to retire.
The current thinking on the timing of retirement
Americans are about evenly split on when they plan to retire — about half plan to retire at the age they’d been planning to a couple of years ago, the other half say they plan to work past the date they’d planned to.
About 64% of existing retirees say they retired earlier than they’d expected, 33% retired when they’d expected to and only 3% said they’d retired later than expected.
The survey didn’t ask if that early retirement was voluntary — in all likelihood there were some cases in which companies made the decision for these early retirees.
People feeling that they can retire on target
People who say they can retire when they’d planned to were more likely to have established personal goals. Establishing those goals and then following through on them appears to focus people on the important activities that will keep them on track.
Tags: Alternate Plans, Benchmark, Co Workers, Compendium, Family And Friends, Government Benefits, Insurer, Opportunities In Retirement, Part Time Work, Pensions Investments, Personal Goals, Planning For Retirement, Planning Retirement, Questionnaire, Retirement Benefits, Retirement Plans, Retirement Readiness, Setback, Target, Time Opportunities
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Wednesday, June 1st, 2011
2010 Advisor Surveys
Open March 15, 2010 to April 15, 2010
To Fee or Not to Fee is launching its second annual national survey of Canadian fee financial advisors.
The survey is open to all financial advisors, no matter what their level of fee income. We have also added a second survey this year for the commission-based advisor.
Because the survey results will be compiled and sent to all the participants, there are several benefits to advisors for participating:
• Help eliminate the myths and misunderstandings of the fee vs. commission models.
• Provide pricing guidelines.
• Understand the transition process.
“The fee advisor market is fascinating, but quite confusing and filled with inaccurate data,” according to Marc Lamontagne, founder and workshop leader. “We think advisors will benefit from taking the survey because it will prompt some thoughtful consideration of their practice and give them a fee-model benchmark.”
To Fee or Not to Fee is an advisor training company specializing in the transition to the fee model. Lamontagne will also present the survey results at the 2010 CIFPs conference in Niagara Falls from June 13 to 16, 2010.
Please contact Marc Lamontagne, CFP, R.F.P., FMA, at (613) 240‑8308 or email@example.com if you have any questions or comments.
Please click on the appropriate survey choice:
2010 Fee Advisor Survey Click here to take survey
2010 Commission Advisor Survey Click here to take survey
More from Marc Lamontagne — Ideas from the 2009 CIFPS Conference — Video Interview from IE Television:
Overcoming three obstacles to fee-based business
Tags: Advisor Training, Benchmark, Canadian Financial Advisors, Cfp, Financial Advisor, Fma, Inaccurate Data, Misunderstandings, Models, Myths, National Survey, Niagara Falls, Obstacles, Participants, Survey Results, Surveys, Television, Thoughtful Consideration, Transition, Video Interview, Workshop Leader
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