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Study: There's Money in Boomer Anxiety

MediaPost Publications, 10/26/09

Abstract:

Financial services companies should brace for baby boomers retiring and moving their assets out of current retirement accounts. However, being attuned to those customers and offering new, income-generating products will help companies capture a share of the "money in motion," according to Deloitte's "Mining the Retirement Income Market" study. Insurance companies, mutual fund providers and banks also could get a piece of the pie.

 Retirees are concerned about being able to generate income that will last throughout their retirement. This gives financial companies, particularly those that previously focused on insurance, an opportunity to develop new products -- but they must first address internal issues surrounding operations and products, the study advises.

"Insurers face a critical decision about whether to unbundle insurance coverage from asset management offerings and how best to achieve this because their ability to assume these risks is a core strategic advantage over players in the other sectors," said Rebecca Amoroso, head of Deloitte's U.S. insurance practice, in a statement.

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