In search of better value, personalized advice and a financially-sound provider, affluent investors said they have moved significant amounts of their retirement money around over the past year.
According to a Financial Research Corp. and Mercatus LLC study of 2,000 consumers ages 35 to 70 with an average of $614,000 in investable assets, the desire to consolidate accounts was the number one driver of "retirement money in motion" decisions. Financial soundness perceptions and realities drove a third of retirement money movement decisions, the data showed.
A large percentage of respondents identified themselves as "beginners" regarding their retirement money allocation. This same group said they recognized the need professional advice. Many of the respondents said they preferred in-person meetings and counted personalized investment advice as a critical driver of their retirement money movement decisions.
More credit unions have reported hosting more investment and retirement planning sessions and an increase in attendance to the seminars this year compared to previous years.
