As the baby boomer generation prepares for retirement, the issue of how they will continue to generate income is definitely a concern. Financial institutions recognize this and are seeing an opportunity to introduce new products to consumers who were originally only focused on insurance. The U.S. insurance practices branch of Deloitte, an international accounting and consulting firm, added their thoughts, saying mutual fund companies in particular, “need to look at other opportunities as they are expected to be the most affected by Baby Boomer retirement. On a plus side they also hold the strongest position to effect the decisions of these consumers.”
How to Profit in Your Retirement
Boomers should be aware of this trend soon enough, as institutions begin to role out planning and managing programs to handle retirement income. For people in that age group, this is a great opportunity to take advantage of the situation as these institutions will look to tailor packages more then usual to ensure they establish a long term relationship for profitable growth.
Deloitte gave this additional advice – “Involving customers and distributors to test-market concepts and features will speed the process, along with engaging IT, operations, and risk management. Financial advisors need to have the education, tools and incentives to provide advice and service to end consumers.”