We are getting older at a more rapid pace than ever before, at least here in the United States. In fact, the Wall Street Journal has put an article out about how many people are turning age 65. It's at a record breaking clip, and it creates a record breaking opportunity for financial advisors because when people hit age 65, regardless of how things have changed over the years, it's still kind of mentally that retirement age. And people are triggering changes in their finances at that particular age. So they're rolling over their their 401(k)'s, their pension plans, they're setting up financial plans for income distribution. And they're setting themselves up because they know that they're living longer than ever before. Now, I don't normally read to you here on The RARE Advisor, but there's a couple of quotes that are worthy of mentioning here because again, we've never in America had so many people turning age 65 at the same time, and it's redefining that milestone.
"It's happening at a faster pace than any time in history. Today's 65 year old's are redefining a milestone long associated with retirement parties at the end of productive years. They're wealthier, and by many measures healthier, and expected to live another 20 years. A growing share are divorced, and many are turning their focus on what is going to be the next stage in their life".
Now graphically, it's pretty mind blowing. In a chart showing the number of people turning age 65 each year, there has been an incline taking place since 2020. We're at 4.1 million people anticipated for 2024, and that is going to continue at that pace or higher through 2027. That's about 11,200 people per day turning age 65.
I would suggest that you need marketing campaigns and strategies targeting people turning milestone ages - people having certain significant events taking place in their life, retirement being a huge one of them. There are also more divorces over the age of 50 than we've ever seen before. And although you hate to see that sort of thing happening, generally speaking, that fractures a financial plan. And half of the money, if not both halves, tends to leave the current advisor if you haven't done a good job securing both parties in having them both understand the value you can create. Most of your competition sucks at this, and so they are losing no less than half of those scenarios. So these are opportunities that are taking place in the age 50 above, and now at that milestone marker of age 65. I highly recommend that you zero in your targeted marketing strategies to take advantage of some of these milestone activities. Now this is stuff we do at USA Financial all the time. This is the stuff we help coach you with through Advisor Protocol. This is the sort of thing that our lead gen processes and all of our turnkey systems, including our live events, is built for. We support you on social media, we support you on on webinars, we support you on running live events, all designed to get you specifically at the spotlight in front of potential new customers. And these are trigger points that you should take advantage of.
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The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.
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