12 April 2011

Financial Planning: Meet Carol Seven Years Later

After seeing investments yo-yo a few years ago, lots of people are being cautious.  They’re scared:

Advisers' advising, but boomers not buying
imageClients not interested in re-balancing, saving more or devising a financial game plan, survey finds
…Only 5% of boomers have formalized a written retirement plan, even though about half of the surveyed advisers said they suggested the idea to clients…

Before the yo-yoing, way back in 2004, Fidelity Investments had a spot targeting women.  Brent Green dissected it:

A Heroine For Our Time
Meet Carol...
Cancer Patient
Cancer Survivor
And soon to be world traveler.

Sure, Carol is a composite success story.  There aren’t too many Carols in the real world.  That’s advertising – chunks of truth awash in aspiration.

But I remember thinking: It’s a bit early for this. Fidelity might be too ahead of the curve.  I wasn’t predicting the recession – just wondering if Baby Boomer women were ready to deal with their financial futures. The median age at the time was late forties, early fifties.    

The time has come.  Financial security is on the minds of many women in their late fifties, sixties:

More unmarried couples living together in retirement
image…More than 7.5 million couples live together without tying the knot, and that number is growing. It may appear to be a simple arrangement, but can be full of complexities when it comes to money and financial planning…

While the number of couples living together has doubled over the last decade, there are very few legal and financial protections for them. So financial advisers recommend that unmarried partners build their own safety nets.

imageThe Crystal Ball of Common Sense’s Prediction: Some smart financial planning company will figure out that there is a huge opportunity available: Targeting Baby Boomer women.