The senior market will reportedly grow by 112 percent from 1990 to 2020. Over half the counties in the United States expect 100 percent increases in that age group. Some will have growth rates topping 150 percent. The overall influence of the over-60 age group in the near future is predictable.
With opportunity comes responsibility. Financial advisers can and should be doing a better job of serving the needs of this unique marketplace. Just the opposite seems to be true. Since 2000, for example, the California Department of Insurance alone received approximately 2500 complaints and inquiries about annuity products; 25 percent of these complaints have involved senior citizens. Surely there we comparable numbers of complaints in other states.
Source: California Department of Aging Web site.
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