Doubt on 401(k)s Seen as Opening to Cross-Sell American Banker (08/18/03) Vol. 17, No. 10 p.17; Ackermann, Matt
Since many Americans feel unprepared for retirement with just their 401(k) plans, many banks are devising ways to cross-sell their retirement savings products to 401(k) participants. According to a Merrill Lynch survey, only 33 percent of Americans believe a 401(k) is the best option for retirement savings, and most Americans are now interested in working with their banks and wealth management firms to save for their golden years. However, Mercantile Capital President and Chief Executive Officer John J. Pileggi cautioned banks to approach cross selling with care, and his company plans to roll out a tool for the company's sales professionals to effectively cross sell retirement products. Wachovia has already begun its cross selling program, and has partnered with brokers after acquiring PFPC Retirement Services from PNC Financial Services Group Inc.