Baby Boomers catch attention of financial service providers

Number of wealthy Boomers will triple in 10 years.

BY KELLY RIDDELL
Medill News Service
Collective wealth and sheer size have allowed the Baby Boomers to take control of the U.S. economy, and by doing so, redefine conventional banking standards.

Baby Boomers, identified as the segment of the population born between 1946 and 1965, control 70 percent of all wealth carried by individuals in the United States and 80 percent of all financial assets, according to Ken Dychtwald, author of the book "Age Power."

With more than 10,000 Baby Boomers turning 50 every day, non-profit research group SRI International Corp. predicts the number of wealthy Boomers will triple in the next 10 years.

The numbers are making financial services providers sit up and take notice.

Getting special attention: financial planning for retirement, and, in at least one bank, financing a new business....more of the story