Bernard Winograd is an executive vice president at the Prudential Insurance Company.
Speaking at a recent industry conference, Winograd expressed his views on the existing methods of explaining retirement issues and solutions in the United States:
"The retail system in this country of explaining this (retirement) to people is deeply flawed. There are way too many people in the system without adequate training, and there are way too many people with the wrong motives."
The "retail" system referred to above likely involves methods that are used to market and sell retirement products directly to masses of individual consumers.
The "people" reference likely refers to the agents and financial advisors who are involved in the marketing and sales process.
Winograd is an advocate of reaching individuals through alternative channels such as employer-sponsored 401k plans. This would presumably help address some of the cost and behavioral issues that are associated with annuities:
"Winograd would like for people to have the option of investing a little bit at a time, through the 401k, in a variable annuity product with what Prudential calls a guaranteed minimum withdrawal benefit. He says the cost would come down if these things became widely available in 401k plans."
Source: St. Louis Post-Dispatch
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