Almost any time you pick up a newspaper, log in to your computer or turn on your television, chances are you will be exposed to some message or commentary about the impending worldwide retirement “crisis.” There’s a common theme: many people are retiring; they haven’t saved nearly enough money; their quality of life will surely be impacted, etc.
Companies in the insurance and financial services industry are actively confronting these retirement issues, which have been exacerbated by social and economic trends … among them, a strained Social Security system, and an increasingly aging population. Many companies are offering – or have expressed intentions to offer – plans, products and services to help customers prepare for a comfortable retirement with a predictable income stream.
LOMA, long an innovator in providing educational initiatives to address emerging industry issues, is currently developing a comprehensive program that addresses retirement concerns and will support companies in their efforts to develop industry professionals whose business knowledge will enable them to make significant contributions to organizational and industry goals.
LOMA’s Retirement designation program will provide a comprehensive education and training program for employees whose jobs require an understanding of retirement savings and income products, such as annuities, pensions, employer-sponsored retirement savings plans, IRAs, mutual funds, and other investment products.
The program is being designed specifically for employees in insurance companies, asset management firms, recordkeeping companies, and distribution organizations. This comprehensive professional development curriculum covers the entire retirement savings and income marketplace and will help employees:
- Gain an understanding of the plans and products they support and the role of those plans and products within an individual’s retirement plan;
- Understand the role of their jobs/functions within the broader context of their company and the retirement industry as a whole ;
- Develop the knowledge and skills needed to support retirement plans and products;
- Deliver effective service and solutions to their internal and external customers.
The new program will address the following primary topics:
- The retirement environment, the retirement industry, and retirement savings and income needs;
- Retirement plans and products and regulatory and tax issues;
- Planning for retirement and management of retirement income;
- Service, support, and other company activities associated with retirement plans and products;
- Key business and financial concepts that build a deeper understanding of the retirement industry.
By explaining a broad range of retirement business concepts and including a variety of concrete examples, the courses in this program will provide an effective foundation for company-specific training and enable learners to develop a solid understanding of the “what, why, and how” of the industry.
See also: A time of transition