October 19, 2023
Jason Diamond Quoted
By Nathan Place
Back in January, we published a study predicting what 2023 would be like for wealth management. Now that the year is almost over, we can check how clear our crystal ball was — and as it turns out, it got a number of things right.
As it turns out, this is pretty close to what happened in 2023 — especially in terms of clients postponing retirement.
“I think that was accurate,” said Jason Diamond, a vice president at the financial advisor recruiting firm Diamond Consultants. “In fact, I think if you surveyed people today that number might even creep a little bit higher.”
This year, large numbers of Americans delayed their retirement due to a variety of financial pressures, including inflation, educational expenses and family caregiving. And according to one study by Axios, 20% of Americans think they’ll never be able to retire at all.
Also, many clients did shift their investments away from stocks, especially in recent months. According to our latest Retirement Advisor Confidence Outlook (RACO) survey, only 29% of advisors will put more of their clients’ money in domestic equities in October — down from 44% in August. And 27% are investing more of their clients’ funds in “alternative investments,” including real estate — up from 16% in August.
