As Baby Boomers set up to retire, a battle is waged in the financial industry. Financial advisers, even bankers, insurance agents and brokers at securities companies, are trying to win over as many clients as possible. Now more then ever, long-term financial planning is needed to secure retirement money for the retiring generation, according to The Wall Street Journal.

There is "an enormous wealth opportunity for advisers," says Martha Willis, executive vice president at Fidelity Investments' Institutional Services unit. According to Boston-based Financial Research Corp., more than $2 trillion will be moved out of corporate-benefit plans and into IRAs over the next five-years, as soon-to-retire Boomers look for more investment choices in an effort to ensure financial stability during their post-working years.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.