RJ and Makay

Older Americans can be described in two ways right now — worried about their financial security and skeptical of financial planners, particularly those who say they build portfolios that mitigate risk. That's what research firm Hearts & Wallets found when it conducted nine focus groups across the country.

The focus groups also revealed that older Americans have difficulty grasping the notion of multiple sources of retirement income and are very reluctant to tap into their employer-sponsored retirement plans. Furthermore, their trust in financial services companies and financial advisors is at a nine-month low.