BOSTON — When it comes to who they turn to for financial planning, brokerage firms followed by independent advisors were the top two choices for consumers, according to a wealth management study from Aite Group.
In its study, The State of a Retiring Nation, Aite Group surveyed 505 people in the United States who were either within five years of retirement (pre-retirees) or within five years of having been retired (retirees) on their confidence with their retirement savings and the current level and future needs of financial planning. Of respondents, 251 were pre-retirees and 254 had retired.
Of all financial plans amongst the survey population, 61% were established by a brokerage firm or independent advisor. Rounding out the list were private banks at 13%, retail banks at 11%, insurance companies at 8%, trust companies at 5% and law firms at 1%.
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Thirty-four percent of respondents said they have a financial portfolio of more than $250,000 and 45% do not think that their retirement savings will cover all the costs they will face during retirement.
The survey also found that while all the consumers in the survey have either retired
within the last five years or are planning to retire within the next five, 40% of both groups only started to plan for retirement during the last five years.
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