IRI RESEARCH: FINANCIAL PROFESSIONALS MAKE ALL THE DIFFERENCE

WASHINGTON, D.C. – Retirees who maintain a relationship with a financial professional have more savings, less debt, and greater financial security, according to a research brief by the Insured Retirement Institute (IRI).

A survey of 800 Americans who have been retired for five to 15 years showed that retirees who invest with financial professionals are significantly more likely to be satisfied with their financial situation and to have more money saved for retirement. Further, seven in 10 retired with no unsecured debt, versus less than half of those not receiving guidance from financial professionals.

The survey data also showed that retirees with financial professionals are far more likely to have followed a plan, with 64 percent having calculated a retirement savings goal before they retired versus less than one-third of those going it alone. The financial professional group was also more likely to have a balanced portfolio of diversified investable assets, 64 percent versus 29 percent of do-it-yourselfers.

The preparation and guidance have paid off, according to the group advised by financial professionals. Nine in 10 feel better prepared due to that relationship, and two-thirds believe their wealth is greater than it would have been without the help of a financial professional.

“The survey results clearly show the positive correlation between working with financial professionals and being more prepared for retirement,” said Frank O’Connor, Vice President, Research. “And, importantly, those who work with financial professionals have more diversified investments and a plan to use those investments to support a financially secure retirement.”

# # #

Contact: Dan Zielinski