Baby boomers are set to retire in the next several years, where the first baby boomers retired in 2011. Expectations are set to grow further as retirees have been constantly increasing, from 40,000 in 1950 to 140,000 in 2010.
Financial Advisers are facing the daunting task of accommodating retirees from this generation, according to professional service KPMG partner Bernard Salt. Several sectors will be experiencing an increase in services, such as aged care and disabled care. Financial advisers should align and step up their services with the needs of this generation, as these people have more time on their hands, most likely financially educated and will demand quality service from their advisers.
Read more about this on the Financial Standard website.