As Laura notes, however, those are concerns that will never go away, partly because the financial services industry has programmed people to believe they can never have enough money.“ I mean, even if you have a client with $ 5 million or $ 10 million, they still think they’ re going to run out of money,” he says.“ For years and from the get-go, its primary marketing campaign has been fear— fear about outliving your money, fear of becoming homeless, fear of becoming dependent upon someone else.”
More than half of the surveyed advisors cite retirement planning as the top interest of their clients, followed by roughly a third who are interested in wealth management. So naturally, baby boomers and Gen X make up the bulk of their client base.
Forty-seven percent of advisors say 61 % to 80 % of their clients are 55 and older; 30.8 % say 41 % to 60 % of their clients are; and another 11.5 % indicate that 81 % to 100 % of their clients are 55 and older. Meanwhile, 32.9 % of advisors say that 41 % to 60 % of the people they are servicing are retirees, 24.6 % say 61 % to 80 % of their clients are retired, while 24.1 % say 21 % to 40 % of their clients are retired. Another 5.2 % say 81 % to 100 % of their clients are retired.
And with Gen X turning 60 this year, Laura points out that the percentage of clients who aren’ t retired is expected to increase in the next few years,“ as the 55 or even the 50-plus segment starts to get serious about retirement planning.”
While advisors and their clients generally agree on the retirement challenges( including the fear of outliving savings), there’ s more of a disconnect when it comes to other longevity issues.
For instance, advisors say that only 8.5 % of their clients are worried about healthcare— yet half of the advisors say that unanticipated health costs are the biggest threats their clients have experienced. Meanwhile, 36.5 % of advisors say stock market fluctuations are a threat, while only 11.2 % of their clients worry about extended market downturns in retirement. And only 4.4 % of clients worry about having to support adult children and other relatives, while 31 % of advisors
Among your retired clients, what is their top concern?
Outliving their assets 35.93 % Generating a reliable income stream 28.67 % A future stock market crash 11.15 % Healthcare costs 8.5 % Supporting adult children and other family members 4.43 % Finding a desirable retirement community 0.35 % Other / Explain 10.97 %
Based on 565 respondents.
What are the biggest threats your retired clients have experienced, from your viewpoint?
Outliving their assets 40.53 % Generating a reliable income stream 31.15 % A stock market crash early in retirement 36.46 % Unanticipated healthcare costs 50.09 % Supporting adult children and other family members 30.97 % Serious investment mistakes 22.12 % Being forced into early retirement before they have sufficient assets 12.74 % Other / Explain 8.32 %
Based on 565 respondents.
What changes have you made to clients’ individual retirement plans over the last two years?
Increased allocations to cash 25.31 % Added to alternative investment positions 31.5 % Sold equities 19.65 % Sold fixed income 10.27 % Purchased annuities 30.09 % Rebalanced to increase equities 30.97 % No changes 14.69 % Other / Explain 19.82 %
Based on 565 respondents.
In general, what kind of withdrawal rate do you recommend for your retired clients?
A starting point of between 4 % and 5 % of their portfolio, adjusted annually for inflation 38.94 % More than 5 % of the portfolio’ s annual value 3.01 % Between 3 % and 4 % in the first few years of retirement 21.59 % We adjust the withdrawal rate every year, depending on several factors 25.66 % Other / Explain 10.8 %
Based on 565 respondents.
44 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2025 WWW. FA-MAG. COM