Asset managers aren't preparing for the coming of the baby boomer retiree, according to a new study.
Kasina management consulting says its studies indicate that two out of three asset management firms have not yet aligned their offerings to the needs of baby boomers.
"It's not enough to just put a new wrapper on an existing product and say that you are addressing the needs of these investors," says Malachi Black, Kasina's senior business analyst. "The firms that will be successful in winning business from boomers as they age and enter retirement will be those that use the framework of intelligent distribution to develop products and marketing strategies geared towards the specific needs and desires of this generation."
The firm recommends that advisors identify more meaningful information about boomer subgroups and eliminate "one-size-fits-all" marketing strategies. Asset managers need to develop new products based on the values, behavior patterns and income needs of the group, Kasina says.