NU Online News Service, May 5, 2004, 6:03 p.m. EDT – Retirement income planning will be huge.[@@]
Executives at Nationwide Financial Services Inc., Columbus, Ohio, are letting that principle shape the company’s new operating model.
The company will be adding an advisory services unit to its individual investments business segment, but the biggest change will be the creation of an “in-retirement” segment.
The in-retirement segment will focus on selling immediate annuities and developing products designed for individuals who already are retired, Nationwide Financial says.
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“Historically, our industry has focused on helping baby boomers save for retirement,” says Mark Thresher, Nationwide Financial’s new president. “Now, these same baby boomers are entering retirement, and their need to draw income from their retirement savings is increasing.”
Nationwide Financial already sells some products suitable for retired consumers, but it could be doing more, Thresher says.
Nationwide Financial is still looking for a leader for the in-retirement segment.