Two Top Retirement Cities Also Tops In RIAs

Two metropolitan areas — Denver and Hartford — are listed among the top five as the healthiest and most affordable in which to retire. They also happen to be located in states with the highest densities of registered investment advisors (RIAs).

Is it a coincidence or is there a logical correlation?

The five healthiest and more affordable metro areas in which to retire are Seattle, Minneapolis-St. Paul, Denver, Portland, Ore., and Hartford, according to a study published by the Bankers Life Center for a Secure Retirement.

Connecticut, Massachusetts, New York, Colorado and New Hampshire lead the nation in terms of RIAs per 1,000 inhabitants. This is from separate data on the growth of RIA firms published by the consulting and analytics firm Meridian-IQ.

Connecticut had one RIA for every 3,898 people, Massachusetts one for every 4,729 people, New York one for every 5,557 residents, Colorado one for every 5,802 people and New Hampshire one for every 7,158 people, according to Meridian-IQ, which analyzed Census data for a 12-month period ending in May.

Cities that topped the Bankers Life healthiest retirement list posted above-average scores for wellness and access to health care, along with high scores for life satisfaction, social and emotional support, and natural surroundings.

Other factors entering into the list were the economy, affordability, transportation and crime, according to Bankers Life.

"The purpose of this study wasn't to compile a list of where to enjoy beaches, golf courses or other amenities that stereotypically describe retirement,” Scott Goldberg, president of Bankers Life, said in a news release. "This study identifies and recognizes cities that provide the services and support that people need to live healthy, happy lives.”

"We want to show that many healthy places to retire can come with a reasonable cost-of-living price tag that is realistic and attainable for a great number of retirees," he also said.

While the Bankers Life survey didn’t rate the metro areas on wealth yardsticks such as net worth, the link between financial planning and wealth is well established: the more consumers rely on financial advisors, the more likely consumers will be prepared for retirement.

The Meridian-IQ survey found that the number of RIAs in the U.S. rose 3.1 percent to 32,736 firms in the 12-month period ending May 31.

California, with 4,735 RIAs; New York, with 3,465 RIAs; Texas, with 1,872 RIAs; Massachusetts, with 1,353 RIAs, and Florida, with 1,349 RIAs, were the states with the highest number of RIAs in the 12-month period, the survey found.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at cyril.tuohy@innfeedback.com.

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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at cyril.tuohy@innfeedback.com.