Worries about having sufficient money in retirement used to be limited to those Canadians with comparatively low incomes – but no more.

Today, running out of money has moved front and center as the dominant concern for a growing number of retirees and preretirees – regardless of income.

A number of factors have contributed to this – the shift away from company pensions, extended lifespans, more active and costly retirement lifestyles and media focus on this issue are all factors.

My January column in Investment Executive lays out four steps for advisors who want to address these concerns and position themselves as retirement income experts.

First, some advisors will have to ramp up their capability around financial planning.

Second, many will have to build their expertise on retirement income issues such as withdrawal rates and income splitting strategies.

Next, advisors have to become knowledgeable about tax efficient product solutions for retirement income.

Finally, having done all of this, advisors have to put in place a marketing plan to get the word out to prospective clients.

Among the strategies the IE column touches on:

1.    Putting in place client communication around retirement issues

2.    Building a pipeline of prospective clients using this communication

3.    Establishing profile among referral sources

4.    Seeking out speaking opportunities to groups of prospective clients

5.    Obtaining visibility and credibility through local media exposure

Positioning yourself as a retirement income expert could be the single most important step you take to advance your business in the coming year.

To read the full column, click here: 

Becoming a go-to retirement expert from InvestmentExecutive.com