In 2011, the leading edge of the Baby Boomer generation turned 65, notes Daryl Diamond in his new book, Your Retirement Income Blueprint. The transition from the accumulation years to the income years is now becoming “a front-and-centre issue” for this demographic group. But there’s a problem here.
Diamond, a Manitoba-based advisor with over 20 years of experience with retirement income plans, says most financial advisors dish out guidance on how to invest during the accumulation years. Yet many of the rules of thumb applicable in this environment do not apply well during the income years.
What retiring Boomers need are financial advisors proficient in retirement planning, capital preservation and investing within a scenario of regular withdrawals from a portfolio. But as these kinds of advisors are relatively few in number, many Boomers may not be getting the right kind of advice, particularly if it is true (as some critics claim) many advisors are more concerned about generating sales.
“I have seen so-called plans that consist of two or three pages of cursory projections and 15 pages of product recommendations,” claims Diamond. “That is not detailed planning. That is pushing products, and it is offered far too often….”