Franklyn Berkowitz is Director of Retail Financial Services at Astoria Federal. The parent company, Astoria Financial Corporation has assets of $17.7 billion and deposits totaling $11.5 billion in New York. Its 50 full-time FAs serve clients in New York City and its suburbs, an area with a bigger population than 38 states.
What's the best piece of advice you would give bank advisors in helping their clients prepare for retirement? FB: Retirement is a very big topic and we feel like we have strong process in place. When we saw what was going on in 2008 and 2009, we had focus groups of customers to hear about their fears and concerns. We had groups of retirees and pre-retirees and we learned an awful lot. Their concerns were about health, not outliving their assets, making sure to appropriate income, travel and entertainment, taking care of children. So we spent the next 12 to 18 months focusing on these.
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