Banks Target Customers' Retirement $

Banks are starting to make a heavy push to fight for retirement assets after lagging investment firms for years. In the past, banks haven't focused on retirement assets, satisfied to attract deposits, sell home equity loans and offer certificates of deposit.

That strategy, however, is no longer good enough: Deposit bases are shrinking, and the strategy to bolster business is to pursue retirement accounts of current customers. "Banks have a huge customer base that they haven't tapped into yet" for that market, said Teresa Epperson, a partner at Mercatus LLC, a Boston-based consulting firm.

Banks Target Customers' Retirement $
Source: Investment News (subscription required)