The baby boomers, those 78 million Americans born between 1946 and 1964, constitute one of the largest generations in US history. Many of them have accumulated considerable personal wealth, while others have ambitious financial goals but face substantial challenges as they move from asset accumulation to distribution. Regardless of their position, boomers need a great deal of help in managing their assets, planning for their financial future, and transferring their assets to their beneficiaries.
In order to address the growing volume and evolving complexity of baby boomer retirement needs, wealth managers need to develop:
A firm-level strategic plan that provides a crisp roadmap for client-focused organizational management around people, processes, and technology
Client-level plans that map out the financial requirements for clients to meet their goals for retirement, education, estate and trust planning, healthcare, risk management, real estate, and charitable giving.