Five Services to Help Baby Boomers Prepare for Retirement
by John M. Floyd
Question: Baby Boomers make up the majority of our customer base. Are there specific products or services we should be considering for this demographic group?
Answer: What a great question to ask! As the U.S. population ages, their banking needs are changing. In the twenty years between 1984 and 2004, the percentage of dollars invested in insurance, pensions, bank personal trusts, stocks, bonds and mutual funds grew in total household financial assets.1 Over the next three decades, 77 million Baby Boomers will enter their retirement years. Yet, even with the increase in household financial assets, more than half of all boomers are behind schedule in their retirement savings. 2
Your bank can help ensure the financial security of your customers by incorporating retirement and financial planning solutions into your banking products and services. Products to consider include:
free financial planning;
supplemental retirement vehicles;
educational seminars on estates, trusts, and retirement planning;
on-line brokerage and investment service partnerships; and
customer reward programs that are structured to encourage savings.
Whether they are long-time customers or new to your bank, by helping Baby Boomers reach their retirement financial goals you will solidify your banking relationship.
1 Banking on the Future, American Bankers Association Report, 2004 2 2005 MetLife Study of Employee Benefits Trends
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John M. Floyd & Associates (JMFA) is a leading vendor of overdraft privilege programs serving more than 2,000 financial institutions in 49 states and Central America. JMFA is also nationally recognized for training, account acquisition and earnings enhancement programs, as well as product, service, pricing and technology improvement consulting. To learn more about John M. Floyd and Associates and to receive a FREE Overdraft Privilege Analysis, please visit www.JMFA.com or call 800-809-2307.
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