As a retiring population's wealth management goals shift from accumulation to decumulation, the wealth management industry is struggling to catch up, according to a new Aite Group report.
Investment outcomes and lessons from 2008 continue to weigh heavily on investors' minds, and many consumers were unable to do the one thing necessary to enjoy a comfortable retirement: save adequately, the report on the state of the U.S. retirement income marketplace noted.
As a result, retirement income firms across various silos – banks, broker-dealers, independent advisers, registered investment advisers, insurance firms, asset managers, and defined contribution record-keepers – are grappling with the question of how to construct appropriate and suitable retirement income plans for clients across various wealth bands.
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