BlackRock CEO Larry Fink challenges money managers, politicians on retirement issues

Inadequacy of savings is a "far bigger crisis than health care ever was"

Jun 16, 2015 @ 3:21 pm

By Trevor Hunnicutt

BlackRock Inc. chief executive Laurence D. Fink on Tuesday challenged his industry to do a better job of preparing investors for retirement, adding that presidential candidates should debate ways to address the inadequacy of savings during the upcoming election season.

“This industry has done a good job of staying out of the news, and that's the problem," said Mr. Fink, whose firm is the world's largest asset manager, with $4.8 trillion under management as of March 31. “I don't think they want a voice.

"You see that from proxy voting and everything else," he said. "Most of them want to stay out of the news and earn their fees.”

Mr. Fink said that the inadequacy of savings in the U.S. private sector is going to amount to “a drag on our economy” and that it should be debated alongside other key issues in the next presidential election.

“This is going to be a far bigger crisis than health care ever was,” he said. “It's not part of the narrative.”

Mr. Fink said that the asset management industry and the private sector need to do a better job at education and increasing the savings of their clients and employees. He spoke at Pensions & Investments' The Global Future of Retirement Conference in New York.


What do you think?

View comments

Most watched


Finding your edge from Tony Robbins

Guru Tony Robbins has helped a lot of people, but armed with his psychology Financial Advisor Josh Nelson has helped his practice soar.


Finding innovation in your firm

Adam Holt of AssetMap explains how advisers understand they need to grow, but great innovation may be lurking right under your nose.

Latest news & opinion

Tony Robbins loses role with RIA amid charges of sexual misconduct

String of allegations costs the self-help guru his gig as chief of investor psychology at Creative Planning.

SEC sets June 5 date for vote on Regulation Best Interest

Commission adds new item to agenda: Interpretation of broker guidance that qualifies as advice

House passes SECURE retirement bill with massive bipartisan support

The measure allows small employers to band together to offer plans and raises the RMD age. Another provision eases use of annuities in 401(k)s, which critics say goes too far

10 IBDs with the most annuity revenue

Here are the independent broker-dealers that brought in the most annuity revenue last year.

DOL sets date to propose new fiduciary rule

The regulation, expected in December, likely will be contoured to the SEC's new advice standards.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print