The first wave of Baby Boomers who retire will shift $8.4 trillion from 401(k)s and other qualified accounts to individual retirement accounts—but only the most innovative asset management firms will capture that money. That’s according to a new study from Boston Consulting Group, Reuters reports.

To better cater to the needs of retirees, companies will need to improve customer service and offer new, more diversified products.

“Ultimately, the players that choose to be aggressive will need to make significant investments in areas that may be unfamiliar today,” said Andy Maguire, an author of the study and a director with Boston Consulting Group. “Those institutions that succeed will display the strongest ability to build and nurture relationships over the long term, across the lifetime of today’s clients and beyond.”

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