Nearly nine out of 10 major financial firms has made serving the upcoming Baby Boomer retirement boon their No. 1 priority, according to a new report from Financial Research Corp.

While 88% are gearing up for this upcoming wave-primarily by coordinating sales, marketing, client service, product development, organizational alignment and retirement income service departments-the level of preparedness varies widely, FRC found. Insurers are the best prepared, primarily due to their existing arsenal of immediate annuities and fixed-income products. Record keepers, on the other hand, have been busy hiring additional staff or retraining them to get up to speed on estate planning, healthcare and retirement income.

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