To help address the retirement challenges faced by all individuals--particularly baby boomers--financial services executives have teamed up to create a new trade group, the Retirement Income Industry Association (RIIA).
Based in Washington, D.C., RIIA will focus on the financial and public policy issues related to the income needs of retirees. RIIA is designed to be "a think tank for analyzing retirement income issues and as an incubator to facilitate the development of innovative retirement-income related products and services," the group said in announcing the creation of RIIA November 30.
Francois Gadenne, president and CEO of Retirement Engineering, Inc., is the founder and chairman of RIIA. Other founding members include Jerry Golden, president of the Income Management Strategies Division at MassMutual; Charles Ruffel, CEO and founder of Plansponsor Magazine; and Rick Nersesian, senior VP of UBS.
Gadenne said in a prepared statement that the wave of boomers that are set to retire "pose immense challenges for financial services providers and policy makers."
The tremendous shift wealth accumulation to retirement income security will require "new products, new services, new skill sets and perhaps, even an entirely different financial planning mindset," added MassMutual's Golden in the same statement. "Individuals approaching retirement will need advice on longevity planning, managing withdrawals from retirement funds, intergenerational wealth transfers, and a host of other complex retirement planning and wealth management issues, in addition to their asset allocation decisions."
RIIA plans to develop a database for its members of products and services being used across wealth segments--mass market, emerging affluent, and affluent and high net worth. RIIA also plans to hold its first conference, "Managing Retirement Income: Innovative Strategies to Capture and Retain Retirement Income," in Boston from February 27 to March 1.
For more information go to www.RIIA-usa.org.