24th March 2009

Recognising crunch clients

Billy Burrows' report on crunch behaviour

Nearly two-thirds of UK baby boomers haven't reviewed their retirement plans, despite the financial crisis, according to a recent Hartford survey*. In fact, only 8% of the over 45s have seen a financial adviser about their retirement plans in the last six months.

Recognise any of these clients?

As part of The Hartford's Facing Retirement Forum, leading retirement expert Billy Burrows unearthed three types of behaviour that have emerged in the new economic climate:

Pre Credit Crunchers: Crunch Denial - 42%

• Stuck in pre credit crunch thinking and behaviour
• Unlikely to have taken any action

Mid Credit Crunchers: Crunch Drunk - 23%

• Understand the impacts of the credit crunch and realise they should adapt
• Feel bombarded by information and are confused

Post Credit Crunchers: Crunch Conscious - 35%

• Have taken decisive action as a result of the economic crisis in a bid to ensure the best outcome for retirement
• 27.5% have monitored their assets themselves in the last six months

Help clients face up to the 'crunch'

Advisers have a great opportunity to help those who are in the 'Crunch Denial' and 'Crunch Drunk' categories. Burrows has provided details of how the advice process could be adapted to their particular needs.

To find out more about this fascinating consumer insight, view Billy Burrows' full report.