A generational shift has created several generations of Americans who are financially unprepared for retirement, which represents an opportunity for advisors. We explore that and other changes going on at The American College on this episode of ShiftShapers.
On this episode of the ShiftShapers podcast, we go back to school with Dr. Robert Johnson, President and CEO of The American College. Dr. Johnson began his career as a traditional college professor before transitioning to the Association for Management and Research where he was instrumental in enhancing the CFA program curriculum. All of this experience led Bob to what he calls “Prac-Ademics”, a merger of the practical and the academic that may be the key for advisors seeking add or increase this practice area in their businesses.
Join us as Bob shares his insight on a new crisis looming in this country due to a lack of retirement planning readiness among Americans. The shift away from Baby Boomers’ defined-benefit plans to defined-contribution and 401(k) plans without the necessary financial education will leave a large number of retirees in a precarious predicament. Under Bob’s leadership, The College is working to move the needle on financial preparation by training financial advisors who work with the general public. We explore how the college’s Retirement Income Certified Professional (RICP) designation is its most popular field of study for today’s advisors.
Traditional benefits advisors can fill a need in society and incorporate a value-added service by implementing retirement planning into their practice. This episode will help you discover just how serious this crisis is and will outline the opportunities and best practices for all size agencies.
What You’ll Learn From this Episode:
- How Bob transitioned from private industry to becoming the President and CEO of The American College.
- The opportunity that exists for traditional benefits advisors in holistic planning.
- How the lack of financial readiness for retirement will create a financial crisis in the US.
- How millennials approach saving for retirement and how advisors can better service this population group.
- The pros and cons of robo-advisors.
Featured on the Show:
- The American College
- Retirement Income Certified Professional
- Wells Fargo Millennial Study
- Last Week Tonight with John Oliver: Retirement Plans
Listen to the Full Interview:
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