Insurers could help baby boomers save more by making savings products easier for the boomers to understand.
Executives from units of Hartford Financial Services Group Inc., Hartford, made that argument at a panel discussion held here at the New York Stock Exchange.
Companies should spend the time and resources to design products that work the way that they are supposed to work, according to Sean O’Hara, a managing director with Planco, Hartford’s wholesale investment products distribution arm.
Simplifying products could even reduce the likelihood that boomers will make mistakes when deciding which products to use, O’Hara said.
Some products are complex for the advisors as well as for the clients, said John Diehl, a financial planner at Hartford.
As the industry shifts to the income planning stage, from the savings accumulation stage, offering products that both meet a client’s needs and are understandable is important, Diehl said.