Patrick Waters

A Denver native, Patrick's passion for investing started in 6th grade when he was assigned a project to pick a stock and follow it for several weeks. After graduating from the University of Kansas, he attended the University of Colorado to earn his master’s degree in Finance. Patrick has worked on the institutional equity desk at a sell-side broker dealer. He later served as a key contributor with a highly respected analyst for a regional brokerage, and then in a municipal bond underwriting capacity. 

It was not until Patrick began his career at an FMO that he found his true passion: helping advisors design, position and sell financial instruments. He believes that successful advisors need to partner with an FMO that can provide them with carrier-agnostic recommendations ideally suited for their clients. This, in turn, enables advisors to focus more on creating and building relationships - rather than spending time researching products and navigating a crowded marketplace. 

Welcome to the new Market Pulse series! This is where I'll share the latest market trends and insights that every advisor should know. That said, we're all busy. So let's jump right into it!

Consumer spending habits: What's normal, anyway?

Have you ever wondered how Americans' spending habits change as we age? I find this topic fascinating. Sure, there are the obvious trends - like younger generations spending more on education and aging folks allocating more towards healthcare. But there are a 

 . Every generation spends, for example, roughly the same percentage of their income on entertainment. 

Customer dissatisfaction with life insurance and annuities on the rise

 reports that consumers' satisfaction with life insurance and annuities declines relatively soon after purchase. This underlines the fact that we all need to do a better job in educating, setting the right expectations and reinforcing the reason why clients add life products and annuities to begin with. After all, that resentment can quickly turn into lost trust, declining retention, referrals and a whole lot more.

The current mood of investors, plus the generation that is least likely to work with an advisor (but should)

State Street just dropped the results of its recent 

. According to the study, 90% of investors think their advisor has helped them keep their cool during this period of skyrocketing inflation. Millennials tend to be more comfortable with market volatility. Meanwhile, Gen Xers are less likely to work with advisors. Keep in mind that

 Gen X is set to inherit most of the trillions of assets

 as part of the great wealth transfer (through 2045). Hint: quit ignoring this market.

And there you have it. As always, if you have any questions or want actionable tips to help clients achieve better outcomes, send us an email at 

 . Or better yet, call a real human here at Peak Pro: 866.866.7050 ext. 2.

MARKET PULSE: Surprising consumer spending habits and more

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