We asked four of the financial advisors who made CNBC's FA 100 list in 2022 what they're hearing from their older clients, and how they're responding.
For the last 10 years, he said, they've seen their pensions mostly rise in value as interest rates have remained at historic lows. Harlemert said the firm has been explaining to clients why their value has gone down a bit and informed them of all their options to make up for it.
The current combination of rising prices and market volatility can be difficult to address at once because they tend to require opposite solutions: People want sufficient cash on hand to ride out a downturn in stocks, but it's increased equity exposure that can typically most help soften the pain of inflation."We came into 2022 with a 10% cash position for most clients, and that has been the wind in our sails," Abusaid said.
The pandemic has"heightened the reality of our mortality," he added, and led to older clients taking more expensive trips and not deferring certain experiences or expenses to the distant future.
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