NextChapter | July 2023

The Retirement Opportunity is Staring Us in the Face - Do You See It?

“Retirement” is reshaping the world of financial advice - anointing winners and burying losers. Call it the ‘revenge of the consumer’. Winners listen to consumers, they adapt and they deliver solutions. The losers are most often market leading incumbents overconfident with current success. The catalyst for seismic change in market leadership is seismic change in consumer demand. And that change is here. 

And we’ve seen this movie before. 

The Detroit automakers ignored changing consumer preferences and lost half their market share. An early critic was budding consumer advocate, Ralph Nader whose 1965 book Unsafe At Any Speed revealed the conscious effort by GM to conceal deadly product defects. Persistent indifference to consumers crushed the industry - but created a historic opportunity for 23 different companies now selling cars in the US. 

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Detroit was the highest profile, earliest victim of the baby boomer age wave. The economic wrecking ball hasn’t slowed down. Don’t roll those eyes when we point out - again - the impact of those boomers, who with their families represent about a third of the entire US population. Ignore at your peril their continued economic clout - still owning half of America’s wealth and  70% of consumer spending. And they generate 80% of the advice industry’s income. 

77 is the new 65

The advice industry isn’t ready for retirement. Current retirees are mostly still low maintenance, with good health and the most wealth they will have. But that happy state is changing as the oldest boomers face the challenges of their longevity. Health is a bigger concern in this “second trimester” of retirement - when spouses, partners, and other family members face tough choices. 

Program Update: The Family Conversation and The Moments That Matter

NextChapter’s effort to help clients and their advisors take on longevity is The Family Conversation. As with our other Advisor Growth Programs, we are creating organic growth through better client engagement. See more.

Currently funded by BlackRock and in pilot at Raymond James, The Family Conversation Level 101 is The Seven Moments That Matter - the critical life events that change conditions for our aging clients and their families. Most families will experience all seven of these moments – and the best advisors are prepared.

The first Moment is An Unexpected Health Event. Both physical and cognitive decline are inevitable – but timing is seldom predictable. So preparation makes a difference. Why it really matters: an acceleration in life events is looming.   

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Coming Soon: The 2023 NextChapter Innovation Leadership Program

We are back this fall with a revised and expanded version of our Leadership in Action program. Last year 60 rising stars nominated by their firms created a set of design principles for retirement solutions.

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This year we will focus on Innovation - leveraging the experience of our NextChapter leadership. Participants will hear directly about game changing solutions like Total Merrill and the Fidelity Investments Relationship Strategy that drove trillions of new AUA through better client engagement. 

Welcome to The NextChapter Retirement Center, powered by Advisorpedia

The new NextChapter Retirement Center is now live! Check it out here.

A select group of industry thought leaders provide regular insights and valuable content. Hear from Tim Seifert about incorporating protection into your already successful practice.

Guest Speakers: Pershing Insite 2023

NextChapter is further leveraging the Advisorpedia capabilities as they engage and promote industry leaders making a difference. Check out this video of Ben Harrison from Pershing at the recent Pershing Insite national conference in Orlando.

Outtakes: Nothing Beats Morning

I read somewhere that walking by water is calming. Starting my non-travel days with a little natural beauty is a privilege. To me, the salt marsh along the Connecticut coast is a constant source of interest with changing conditions and seasonal variations. Wildlife abounds.

Thanks for connecting with NextChapter! For more information on our community, follow us on LinkedIn.

-Steve Gresham