A recent survey by BenefitPro.com's sister site revealed that 90 percent of advisors considered Baby Boomers a growing part of their business, not so surprising considering the demographic wave of 78 million or so Boomers in the U.S. – and the fact that the first of their generation have reached traditional retirement age this year.

Boomers, however, present a unique set of challenges as clients that make them a different kind of consumer than either the traditional retirees many advisors have based their businesses upon, as well as younger Gen X and Gen Y consumers.

Boomers also need a lot of attention as many have seen their retirement savings decimated by the past few years of economic meltdown; they're also probably the last generation to have standard pension programs at their jobs, but even that isn't a given. And with the long-term threats to Social Security and Medicare's viability, they're becoming more interested in strategies and products that will provide a lifetime stream of retirement income – especially as their good health will likely mean extended longevity.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.