Collective wealth and sheer size have allowed the Baby Boomers to take control of the U.S. economy, and by doing so, redefine conventional banking standards.Baby Boomers, identified as the segment of the population born between 1946 and 1965, control 70 percent of all wealth carried by individuals in the United States and 80 percent of all financial assets, according to Ken Dychtwald, author of the book "Age Power."
With more than 10,000 Baby Boomers turning 50 every day, non-profit research group SRI International Corp. predicts the number of wealthy Boomers will triple in the next 10 years.
The numbers are making financial services providers sit up and take notice. Getting special attention: financial planning for retirement, and, in second careers, financing a new business.
"I think what we have experienced so far is that you have a segment of the population that is far more educated and in control of their finances," Terry McCaffrey, president of financial services at Chicago-based LaSalle Bank Corp., said.
McCaffrey says that LaSalle is tailoring traditional financial advice to the individual.
"There is no one-size-fits-all solution," McCaffrey said. "The Boomers are goal oriented, and demand financial advising and planning. They have a specific view and ideas on how they approach retirement and future expenditures."
Source: www.NWITimes.com June 7, 2006