“Divided we fail; together, we can accomplish anything.” That was the message Bill Novelli brought here to the annual meeting of NAVA Inc., Reston, VA.
The executive director and chief executive officer of AARP Services, Inc., Novelli was a keynote speaker for the NAVA annual. AARP Services is a wholly owned subsidiary of AARP, Washington, and manages the products and services offered to AARP members.
His message was one of collaboration. He said AARP would be pleased to work with NAVA on suitability guidelines and other areas regarding financial security.
Novelli’s collaborative words parallel the message AARP has been forwarding jointly with 2 other organizations–the Business Roundtable and SEIU (the Service Employees International Union)–on the subjects of rising health care costs and concerns about quality of care.
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But future financial security is a big issue too, he said, noting this issue is linked to health care problems in the United States. Health care has a big impact on financial security, he explained.
Where financial security is concerned, “we need to promote greater savings,” he said.
Regarding suitability, he said “it’s in everyone’s interest to get the right product to the right person and to make sure there is adequate disclosure.”
Hence, AARP’s interest in working with NAVA, which shares similar convictions.
Baby boomers, who will start retiring in large numbers in 2011, “are not prepared adequately for the long futures,” he said earlier in his speech.
Some boomers are treating their homes like ATM machines, he continued, and others carry substantial credit card debt. Still others are caring for aging parents, and they are absorbing expenses the boomers had not anticipated.