According to Bain & Company, 70% of affluent boomers (who control approximately one half of rollover assets) have rolled out of, or are planning to roll out of, their current 401(k) and other qualified retirement plans. A new Bain survey suggests that the majority of boomer rollover decisions, resulting in $250B annual inflows into IRAs, are made unprompted. Of the 80% of affluent near-retirees who use a financial advisor, only 30% are prompted by their advisors with retirement planning advice for critical retirement plan rollovers. These self-directed asset consolidation decisions are fueling the growth of retirement wealth even further, as 50% of those that have rolled out of current plans also purchased other financial products; an estimated $19-38B opportunity in incremental assets over the next five years. « The baby boomer generation is at the vanguard of changing the entire retirement landscape, » said Tom Dente, Bain financial services partner and survey author. « This generation continues to change the rules of the game. » Bain’s Affluent Boomer Pre-Retirement Survey was conducted in November through December, 2004. The survey sampled the attitudes and financial needs of 415 mass affluent respondents – those in the 55-70 age range with average income of $100K or more.
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