Industry and Political Leaders Share Insights on Retirement Challenges
RICHMOND, Va., July 14 /PRNewswire-FirstCall/ -- More than 40 financial
services industry leaders, representing major banks, wirehouses, fund
companies and broker/dealers, recently attended a retirement income symposium,
hosted by Genworth Financial (NYSE: GNW) in Washington, DC. The two-day event
focused on the changing marketplace for retirement income, including
demographics and mindsets of those reaching retirement age in the next 25
years, and emphasized political activities and regulatory issues impacting
retirement security.
(Photo: http://www.newscom.com/cgi-bin/prnh/20050714/DCTH020-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20050714/DCTH020-b )
"We are overwhelmed by the positive response we got from attendees who
thanked us for giving them access to people and information they've not been
exposed to," says Pam Schutz, president and CEO of Genworth Retirement Income
and Investments. "There was a great deal of discussion around the changing
perceptions of retirement and how Boomers are going to create a whole new
vision of retirement, one that's more active by choice and lasts longer than
ever before. What we heard from researchers, lobbyists, regulators,
sociologists and political veterans reinforces the critical need for
guaranteed retirement income. We have to help people move from a mindset
focused solely on 'accumulation' to an approach that focuses on taking what
they've accumulated through saving and investing and converting it to income
for life."
Featured speakers at the Genworth Retirement Income Symposium included
George Canty, Counsel to the Chairman of the U.S. House Education and
Workforce Committee, who shared "A View From Capitol Hill on Pension Reform."
William Shipman, chairman, CarriageOaks Partners addressed "Saving Social
Security's Dream." Matthew Thornhill, president and founder of The Boomer
Project shared "New Rules for Marketing to Boomers Over 50."
Warren Cormier, president of Boston Research Group, explored "The
Opportunity for Annuities in Institutional Qualified Plans." Peter Walker, a
director with McKinsey & Company, gave an overview of "The Changing
Marketplace for Retirement." A panel discussion featuring representatives from
the National Association of Securities Dealers (NASD) focused on regulatory
updates and trends. Former Senators J. Robert Kerrey and John Breaux shared
insights on the political process and issues surrounding social security
reform. Breaux also gave perspectives on his current experiences as co-chair
of the President's Advisory Panel on Federal Tax Reform.
About Genworth Financial
Genworth Financial's Retirement Income and Investments segment, based in
Richmond, Virginia, is dedicated to helping families provide for their futures
and achieve a reliable stream of retirement income. Our companies offer fixed,
variable and income annuities; variable life insurance; asset management; and
specialized products like guaranteed investment contracts, funding agreements
and structured settlements. Our product suite supports distributors' financial
planning models and its strong distribution network reaches nationwide.
Genworth (NYSE: GNW) is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, and has operations in 22 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information about Genworth Financial, visit
http://www.genworth.com.
SOURCE Genworth Financial
CONTACT: Anna Gauthier of Genworth Financial, +1-804-289-3740, or
anna.gauthier@genworth.com
