Advisors Face A ‘Pretty Optimistic’ Future Thanks To Baby Boomers
September 3, 2019 by John Hilton
Chip Roame is “pretty optimistic” about the near future of the financial services industry and he points to two words as the reason why: baby boomers.
It’s really just simple math, said Roame, managing partner of Tiburon Strategic Advisors, a California consulting firm. Roame hosted a research call Thursday on consumer wealth, baby boomers and recovery from the 2008-09 economic recession.
Baby boomers number 72 million people, or 22% of the population. Many of them struggled through the transition from defined-benefit pensions to defined-contribution 401(k)s. A lot of boomers just didn’t save enough money for retirement.
“If you didn’t save and you’re going to live a long time, you therefore, have a problem,” Roame said. “And I think people agree that’s where baby boomers are today.”