Scudder is aggressively beefing up its AARP offerings with more changes in the works. Scudder now offers 43 no-load mutual funds as well as additional web resources through its AARP relationship.

The funds in the program have roughly $16 billion in assets and reach about 2.5 percent of AARP's 20.5 million households. With only half-a-dozen risk-managed products, officials at the firm said the new fund family reflects the firm's shifting attitude towards the 50-plus crowd.

Still, Scudder executives see the need for new mutual funds and further development of its existing education agenda. Jim Thompson, director of shareholder education at Scudder and formerly an executive at AARP, is overseeing an adjustment to Scudder's business model.

Scudder has reportedly been considering adding loads to its funds and rebranding the Kemper funds with the Scudder name. In the case of the AARP branded funds, Scudder is contractually obligated to maintain a no-load AARP share class, according to an AARP spokesperson.

"There's no question that the need for advice is expanding," said Thompson, explaining that his group is working out how best to provide wealth management to high-net-worth clients.

Scudder is weighing the options of bringing on personal advisors, adding specialized web capability, or taking advantage of its relationship with Kemper. The ultimate answer may be some combination of these.

"We are at present a direct model, so the question is, how can you deliver education so people can make their own decisions?" Furthermore, Scudder is expanding its legacy service, which will provide guidance with inheritance issues.

Considering AARP's statistic that a third of adults over 18 is a grandparent, Scudder is now developing products geared specifically towards grandparents who want both to contribute to their grandchildren's savings and provide education about money management. 

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