What clients want from a financial professional 

While most Americans find value in the guidance offered by financial professionals, what they want from that relationship varies by life stage.

In the 2022 Retirement Risk Readiness Study from Allianz Life Insurance Company of North America (Allianz Life), 86% of respondents said working with a financial professional would help ensure that they could financially support all the things they want to do in their life, which is, of course, one of the key goals when working with clients. Overall, more than four in 10 respondents (44%) said one of the most important things a financial professional can do to help them was make sure they have enough money to last their lifetime.

People who are already working with a financial professional feel better prepared for their financial future. A majority of these respondents said they find value in the assistance they get in addressing a number of potential retirement risks, including saving enough for retirement (74%), finding balance in budgeting (67%), planning for how to take retirement income (65%) and planning to address the rising cost of living (60%).

While people clearly value the benefits of working with a financial professional, their specific needs vary based on their life stage. People who are further from retirement have very different financial priorities than those who are already enjoying their golden years.

Here’s what different groups of Americans said they value most from a financial professional, based on how close to retirement they are.

Retirees see the most value in having a financial professional help them mitigate risks to their retirement savings and income:

Pre-retirees who are 10 or more years from retirement value how a financial professional can help them prepare today for a more successful tomorrow:

In addition, pre-retirees want their financial professional to be tech savvy, offering interactive tools to understand finances under a variety of scenarios (58% vs 48% near-retirees and 37% retirees) and  flexible with meeting options, including virtual meetings (50% vs 43% near-retirees and 48% retirees.

In order to best serve their clients, financial professionals must recognize how client needs change through different life stages. Knowing what is likely on a client’s mind based on their proximity to retirement can lead to better discussions and more tailored solutions.