Data & Research April 2, 2010

Many HNW Baby Boomers Reduce Spending to Recoup Losses

The financial crisis destroyed almost a quarter of high-net-worth Baby Boomers’ wealth, according to a recent survey.
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From 2007 to 2008, high-net-worth (HNW) Baby Boomers lost 22% of their investable assets, according to the survey by the Corporate Executive Board. (The survey defined HNW Baby Boomers as people born between 1946 and 1965 and having at least $1 million in investable assets.)

In response to significant portfolio losses, close to one-half (48%) of surveyed Boomers reduced spending (more than half, or 51%, did not).

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The overwhelming majority of survey respondents reported spending a great deal (48%) or a fair amount (40%) of time thinking about retirement. The majority (74%) also reported that they closely monitor their savings and investments.

In the past 18 months, most HNW Boomers have discussed mamy topics with their adviser, such as investment performance over the period (96%), how to generate sufficient income in retirement (80%), various best- and worst-case financial scenarios (72%), how to best address future life events (70%), and a new or updated financial plan (67%).

The survey, conducted in December 2009, looked at 1,250 Baby Boomers.

Deals & People April 2, 2010

Mercer Ramps Up Taft-Hartley Focus

Mercer has named Doug DeNigris as Taft-Hartley business leader for its U.S. outsourcing business, a new position.
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According to an announcement, his appointment is part of a planned expansion of Mercer’s Taft-Hartley administration capabilities, which includes recruiting additional sales staff to drive growth in the segment and additional relationship managers and operations staff with “deep Taft-Hartley backgrounds.”

DeNigris will lead the dedicated Taft-Hartley service delivery team that combines relationship management and administration/operations.    

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DeNigris, who joined Mercer in 1998, will continue to be based in Norwood, Massachusetts, and report to Dave Tolve, retirement business leader for Mercer’s U.S. outsourcing business. DeNigris most recently served as director of Client Services for Mercer’s Taft-Hartley defined contribution (DC) administration clients.

Mercer’s outsourcing business provides DC administration services for nearly 60 union clients, representing nearly 300,000 members.

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