Reliable Advice on Retirement
It’s easy to find information about strategies, savings, mutual funds, and a plethora of other options to plan for retirement. In fact, the financial space is teeming with suggestions. Add into the mix an increasing range of tech-savvy solutions, and it’s clear that, to find the right retirement advice, a knowledgeable and experienced advisor is needed.
Of course, financial institutions already have procedures in place to help individuals interested in planning for their retirement, but how effectively do the advisors of these programs address client concerns? Can a comprehensive retirement plan be created for someone without previous experience in saving or investing funds? And does the institution have the appropriate tools, both online and in-person, to provide the level of help needed? DALBAR Canada has undertaken a study to uncover the efficacy, thoroughness, and flexibility of service for individuals who are interested in establishing a retirement plan at a financial institution.
The study will focus on the aspects of retirement planning which appear to be most important to customers. In order to be effective, information about retirement planning has to be easy to access and implement. Sounds simple enough, but the streamlined execution of an effective retirement planning program means a number of well synchronized, complementary, and informative pieces coming together to support the client in their retirement goals.
Often, the first point of contact is a financial advisor. The desire to talk to an expert is present across the board, from individuals who are planning their retirement well in advance, to those who are intending to retire within the next ten years. There is a demonstrated need for an explanation of the terms, procedures, and processes around retirement planning, in addition to help in building a comprehensive retirement plan.
This means that a financial institution’s team of advisors needs to be well-informed, capable of explaining the concepts of financial planning in an accessible way, and able to assemble a retirement plan for an individual regardless of their experience with financial planning. This can include the use of tools such as online content and printed collateral.
Putting all the necessary components of retirement planning together in an effective way can be an indicator of a financial institution’s capability and readiness in addressing retirement plan advice and implementation. DALBAR Canada’s study looks at what high-performing institutions do to provide a great customer experience when planning for retirement, and the improvements that can be implemented to make the interaction even more effective, both for the customer and for the financial institution.
Learn more about the study by contacting DALBAR Canada here.