AARP, the seniors advocacy group, has started selling three mutual funds geared toward retirement savings.
The three funds - conservative, moderate and aggressive - are designed to simplify investment choices for seniors. Each fund, carrying the AARP brand, invests in a diversified mix of stocks, bonds and other securities, with the allocation based on the level of risk.
The funds are part of a new move by the powerful seniors lobby to compete for the dollars of Baby Boomers, a huge and affluent cohort. AARP has been moving beyond selling discounted products and services, such as travel, insurance and computers, to its members and has developed its own financial products, consulting service and "seal of approval" program though its AARP Financial unit.
Source: The Associated Press, April 25, 2006