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Stressed Investors (Including Millennials) Seeking Managed Portfolio Solutions

May 4, 2023 Jeff Quigley By Jeff Quigley

The Great Resignation is over, with many people returning to work and even nestling in with former employers. But the stress those workers feel — that’s a wake-up call for the financial services industry, according to Franklin Templeton’s Jacqueline Reardon.

Reardon heads client experience for retirement, insurance, 529 plans, and wealth management at Franklin Templeton. She discussed the company’s third Voice of the American Worker Survey results on a recent episode of Jack Sharry’s WealthTech on Deck podcast.

She said more workers phrase their retirement goal as “financial independence,” which they define as having enough money to pay their bills without being employed or dependent on someone else.

But the economy today has people losing sleep, strained their relationships, and is distracting them at work, Reardon said.

“Two of the biggest things that came out of our research this year: We saw that 65% of folks said, ‘I really need a (financial) plan (and) I want a more concrete plan for how I’m going to spend my later years.’ And that trend is actually up 13% (since the survey began),” she said.

Franklin Templeton heeds its insights

The question, “When should I file for Social Security?” can launch conversations about goals, financial planning, and wealth management if advisors are sharp and ready to provide holistic, personalized advice.

Franklin Templeton recognized that years ago and moved on it, becoming one of LifeYield’s first customers for our Social Security+ tool for optimizing retirement income by maximizing benefits.

Today Franklin Templeton is on the threshold of providing advisors with enhancements to their award-winning Goals Optimization Engine (GOE®) powered by LifeYield’s technology for tax-efficient planning and income sourcing across multiple accounts and assets. The first advisors (and clients) to benefit will be those who use GOE on the AdvisorEngine® wealth management platform.

What are you doing to address workers’ and investors’ needs?

Reardon said latest Franklin Templeton survey, conducted by The Harris Poll, asked workers if they’d be interested in personalized portfolio solutions based on their income, age, and other relevant information.

The answers were loud and clear.

Investors are chastened by the economy’s turbulence. They have an appetite for advice and for customized portfolio solutions. Franklin Templeton calls their approach “personalization at scale.” It’s possible today when companies select best-in-breed fintech solutions for their comprehensive advice platforms.

Jeff is the Senior Vice President of Enterprise Sales & Relationships at LifeYield. His deep industry experience makes him an important author to watch. He writes about key industry themes, landmark events and game-changing news that's shaping the future of financial advice.