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Rating:Your New Competitor: AARP? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 28, 2005

Your New Competitor: AARP?

by: Theresa Sim

It's no secret that asset managers and financial services firms are scrambling to capture the Baby Boomer crowd. But now a distribution partner is muscling into the game. According to a New York Times article, AARP's for-profit product sales arm, AARP Services, has formed AARP Financial -- its own subsidiary that will create financial products for members.

In store for next year include an investment fund designed for people older than 50 years, guns for hire to help companies develop products for Boomers, and a for-free "seal of approval" for AARP endorsed products.

AARP spokeswoman Valentina Dingle was not immediately available for comment.

"We're finally being proactive, instead of waiting for companies to come to us with ideas," Dawn Sweeney, president of AARP Services, told the New York Times.

AARP currently offers a mutual fund investment program through Scudder Investments. Morningstar recently reported that the organization hired SSgA to advise a suite of retirement funds.

AARP already counts 35 million members, and it's working to appeal to a broader audience, including the younger-older set and non-whites. According to the Times, AARP Magazine comes in age-appropriate versions -- one for pre-retirees, and one for the older set.

The organization is also targeting minorities to expand its membership -- AARP is currently going after blacks and Hispanics, and has plans to seek out Indians.  

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