Home Finance The Present Financial Storm: Why Millennials Will Have To Fill The Gap In Finance – Forbes

The Present Financial Storm: Why Millennials Will Have To Fill The Gap In Finance – Forbes

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More than 10,000 baby boomers turn 65 every day, becoming eligible to enroll in Medicare, the federal health care plan for seniors. It is also at this time they need to identify the most suitable secondary or supplement plan to cover Medicare gaps and deductibles: an often dreadful process, with so many acronyms and options to choose from and with annual deductible and benefit changes creating even more confusion. A recent survey by AARP identified that many seniors struggle to understand Medicare plans and are more likely to shop for cable than Medicare.

Having entered the financial services industry in 2003, and being fascinated with helping people age in place, I’ve conducted more than 100 seminars and speaking circuits and have personally enrolled well over 2,500 beneficiaries into Medicare secondary programs.

The wave of baby boomers, born between 1946 and 1964, is turning 65 at a staggering rate. This wave, or “silver tsunami,” will continue through 2029. With the increased need for Medicare planning followed by what is predicted to be historically the largest generational wealth transfer to date, exceeding $60 trillion, there has never been a greater demand for professional advisors in the insurance and financial services industry.

Medicare supplement and secondary plans are solicited and sold by licensed life and health insurance agents. So, with such a high demand and greater need of services, why the storm? The greatest challenge or storm, experts say, is the industry itself. According to industry statistics, the average agent or broker is approaching retirement age, with Cerulli Associates citing the average age of a financial advisor as 51.

With the majority of advisors approaching retirement age during the era of greatest demand for services, we can only rely on the largest demographic that’s going to fill this void: the millennial generation. With three out of four people in the workforce expected to be millennials by the year of 2025, there has never been a better opportunity or, more importantly, a greater need for industry leaders and financial services companies to attract, connect and engage with the world’s largest generation.

This sounds simple enough, right? An influx of need combined with the largest generation to enter the employment market makes for a great formula. The “catch,” however, is that millennials aren’t flocking to one of the most stable industries. Unlike their elders, millennials don’t want to be insurance agents. Watching their friends’ dads build lucrative residual earning careers just doesn’t sound as “cool” as it used to. The coolness factor is one objection the financial services industry hasn’t done a great job answering to. Though incredibly rewarding, for whatever the reason, it seems that serving and calling on prospects to discuss their financial goals and reduce their exposed risk to health ailments and life just doesn’t sound like fun.

With aging being the sole influence and cause of our current predicament, we have entered an era that’s created the present financial storm. Yet, the present is an amazing time: one filled with the greatest abundance and opportunity. It’s not a question of being prepared; it’s more a decision of what side of the storm you will be on.

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