Thursday, July 10, 2008

The Crowded Boomer Financial Services Market

Let it be known that July 9, 2008 was the day that two large financial services firms, both starting with the letter "P," launched new tools for consumers and financial advisors related to Boomers and retirement.

Prudential launched their Retirement Workbook, "a newly designed personalized enrollment guide that delivers simplified, reader-friendly content for participants in defined contribution plans who are transitioning to Prudential Retirement or for new hires joining existing plans."

Principal Financial Group launched Retirement Readiness Reviews, a guide that helps financial professionals walk their clients through retirement planning.

The products are different, but that's hard for the average reader to discern. It just goes to show that the financial services industry has a long way to go before it is less complicated and confusing. At the very least, perhaps the next firm developing a Boomer retirement-oriented product will peer out of their window to see what the consumer sees and try to differentiate more. Please.

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Valuable Insights into the Hearts, Minds and Wallets of Today's Baby Boomers

This blog is by the authors of Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group, on sale now.

Here is where you'll find information referenced in the book, as well as updates, news and perspectives from Matt Thornhill and John Martin, founders of the Boomer Project.