The resulting views may provoke some useful and interesting debate about where the financial-services industry is heading. Boomers win, and it s all about consumer needs in retirement. The CEOs in all four financial-services sectors are virtually unanimous in their belief that payout products and services are an emerging and significant opportunity. Whereas much of the industry s current emphasis is on savings, investment and accumulation products, baby-boomer needs and hence, industry attention likely will shift to the payout phase or consumption of accumulated savings. The product revolution that began in the early 1980s with universal life could repeat itself in a different form in response to new and just-emerging consumer needs.
Advice is the fuel that makes the industry grow.
CEOs believe that advice, planning and counsel will grow in importance as a means of customer acquisition, retention and development. The role of trusted adviser is likely to flourish assuming that companies are able to cost-effectively deliver consistent, quality advice and relationship support. Building and growing the capabilities to take advantage of advice-based opportunities will likely remain a challenge for many companies. Flexible approaches to customer acquisition, service and development will prevail. This suggests that consumers are gaining more control.