SAN FRANCISCO -- Americans need a financial plan to turn them around. They’ve been consuming too much and saving too little for the better part of two decades, Bill Gross, Pimco’s co-founder and co-chief investment officer, told a rapt audience of financial planners at the opening of the Schwab Impact 2011 conference.

A global bond fund, Pimco has more than $1 trillion in assets under management.

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