Financial Advisors: Economic Downturn Hitting Boomers Hardest

Approximately one-third of survey respondents operated under a combination of fees and commission, while nearly two-thirds were commission only. Only 4 percent of respondents ran a fee-only business model.

MDRT’s Harriman says the PREP associations are working to better educate their members on the unique challenges Boomers face by providing members with communication tools and resources and by encouraging them to conduct community service education targeted at local Boomers. In addition to the sheer size of the Boomer generation, Harriman says this group faces financial challenges no previous generation has encountered, including pension terminations, skyrocketing healthcare costs, uncertainty about government programs such as Social Security, decreased personal savings rates and significantly increased life expectancy.