Chief executive Paul Mahon says he plans to see wealth division contribute $1-billion by 2027
is looking to bolster its bottom line with a goal to double profits from its wealth management business over the next four years.
“We are uniquely well positioned to serve the evolving and, in many cases, underserved wealth management needs of existing and potential customers across our business,” Mr. Mahon said. Part of that growth, he says, will come from an aging population who are seeking advice for the future, as well as “pre-retirees who are now worried about their preparedness for retirement.”
In June, 2020, the insurer’s U.S subsidiary Empower Retirement spent US$1-billion to purchase online wealth manager Personal Capital. A month later, Empower boosted its U.S. presence further with a US$4.45-billion deal to buy the retirement business of Prudential Financial Inc.
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