The Financial Column — Strengthening Customer Dialogue in the Shadow Retirement Market

2010-07-18

60% of savings earmarked for retirement can be found outside of formal retirement products.

The “Shadow Retirement Market” is estimated to be almost $9 trillion! Based on Novantas’s recent survey with Informa, investors said that approximately 60% of money they have outside of their formal retirement plans is actually for retirement. Banks have a significant risk of losing this shadow money. In fact, only 10% of customers prefer to keep investments with a bank vs. a brokerage or insurance company. Banks must be proactive and get in touch with their customers to discuss their shadow retirement money and truly become partners in helping people achieve their retirement goals.

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