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Adapting financial planning strategies

10/11/11

In an effort to better serve clients, many financial advisers are adapting their methods to suit a customer base that has itself been forced to change to accommodate a financial downturn, according to Financial Planning Magazine.

Where once prefabricated financial planning products may have well-served a number of customers, today, clients looking for financial services need to trim fat, customizing products to conform to their specific financial needs.

Neer Korn, a consumer researcher, told the source that communication with individual clients today is more important than ever before. The needs and desires of the client base are nontraditional, especially among retirees, and direct involvement in financial matters is the norm, so language should be clear and encouraging.

"We’re accustomed to thinking that people nearing retirement will want a very quiet, traditional life," Korn told the source. "But their attitudes are actually very similar to Gen Y – they really want to experience everything right now."

According to the Bureau of Labor Statistics, financial planners and analysts held 250,600 jobs in the United States in 2008. As the market evolves, the BLS projects that the field will grow faster than many other occupations, though a competitive environment may affect employment opportunity.

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