The Sweetspot

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I’ve been a licensed financial planner for nearly 13 years now. I’d like to give you an example of what a typical client of mine looks like, keeping in mind I only deal with retail customers:

A couple in their late 50’s to mid 70’s, with anywhere from no children up to 6 children… the BabyBoomer generation.

I know I’ve given you a very broad range here but it does encapsulate the demographic that makes up the overwhelming majority of my client base… and I’m willing to bet… the client base of most financial planners and advisors in this country.

The point I’m making here is that the average American, in need of complex financial planning, is either nearing retirement or fully entrenched in it. These are the people with substantial assets, these are the people that need good financial planning advice. And naturally there is quite a bit of overlap between financial planning and retirement planning.

Where the money is

They once asked famous bank robber Willie Sutton why he robbed banks and he answered, “because thats where the money is.”

And quite frankly, in our business the Babyboomers are the coveted demographic (the Sweetspot) because thats where the money is… although a planners intentions are far more altruistic than Willie Sutton’s:)

Now that we know the Babyboomers are being well serviced, by the likes of me and my brethren, who is taking care of the financial planning needs of Generation X?

Since GenX’ers may be decades away from retirement… does that mean we have plenty of time before we need to worry about planning our future? These are very interesting questions that deserve answers…

Tags: Babyboomers, Featured, Psychology Behind Financial Planning