The economy is making it harder for boomers to keep the faith in their financial relationships.
"When boomers reach the empty nest stage, they discover that they no longer need all of the financial relationships that they have accumulated over 40 years of homebuilding and career development. This will result in even more cuts in the number of financial relationships and the transference of assets to a smaller number of firms that can meet Boomer needs," says Larry Cohen, vice president and director of SRI Consulting Business Intelligence and co-author of the Retirement Income Industry Association's latest study on baby boomers.
Furthermore, a Charles Schwab January survey shows 26 percent of boomers finds it harder to locate a trusthworthy source of retirement advice; 33 percent of respondents indicated they are confused about weighing the immediate marketplace alongside their long-term goals.
