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.