Help boomers save for retirement and rebuild trust in the process

By Paul Wilson

Trust Project


A large number of the 79 million baby boomers who have begun their march into retirement are not prepared, creating a huge challenge and an even bigger opportunity for advisors, according to Catherine Weatherford, president & CEO of the Insured Retirement Institute.

According to Weatherford, the mindset of many Americans has shifted toward risk-adverse strategies that offer protection. “They are now more likely than ever to seek professional financial advice. They want help and support,” she says.

Weatherford says that baby boomers are becoming aware of their own mortality and the effects that medical breakthroughs and other factors will have on their life expectancies.

Trust in the financial services industry has taken some severe hits in recent years, and producers haven’t been immune, she says.

In order to repair relationships with clients and begin to rebuild trust, advisors must engage on a personal level.

“You need to understand what things are happening in their life, whether it’s divorce, illness of a family member or any of those personal factors,” says Weatherford. “ I think that advisors have to become much closer in knowing the whole person instead of just their financial plans.“

To hear more from Weatherford on the issue of trust, the role of the advisor in today’s economy and where we’re headed next, listen to the full interview by clicking here.

Do you see the current economic climate as a trial or a chance to separate yourself? Be sure to share your thoughts in the comments section below.