Advisors underestimate demand for steady, guaranteed income, survey shows

Nearly 9 out of 10 (88%) of investors prioritize investments that provide a steady, guaranteed income stream in retirement, while only 66% of advisors share that priority, according to a survey from Global Atlantic Financial Group.

This, the survey said, reveals an opportunity for financial professionals to align more fully with their customers' retirement-income priorities and investment-protection strategies.

The study also found that while over eight in 10 investors (83%) view guaranteed income beyond pensions or Social Security as important, less than half of advisors (46%) emphasize this need.

The study presents an opportunity for financial professionals to deepen their client relationships as investors navigate the “fragile decade”—the last five working years and the first five years of retirement, the survey said. Add on the challenges presented by the current market instability and its potential impact on retirement savings, and the need to address these differing opinions is more pronounced now than it was.

“The gap between what consumers truly value and where financial professionals are currently focused presents a powerful opportunity,” said Jason Bickler, co-head of individual markets at Global Atlantic. “The insights from our survey reveal a clear chance for financial professionals to spend more time with their clients and understand their financial goals. By asking additional questions, financial professionals can build portfolios that reflect what many clients value most--which is steady, guaranteed income, and lifetime security.”

Reasons for the disconnect

So, what may be the reasons advisors are not more aligned with their clients’ financial priorities? “We see in the survey that while most investors say they discuss protection strategies with their advisors, only about half feel adequately protected, “explained Bickler. “That suggests there’s still a gap between what’s discussed and what clients truly value. As clients near retirement, their priorities shift toward preserving wealth and generating a steady income, creating an opportunity for financial professionals to have deeper, more personalized conversations with them.”

Becoming more in step with clients

And what can financial advisors do to become more aligned with their clients’ retirement-income priorities and investment-protection strategies? It’s all about communication, said Emily LeMay, co-head of individual markets, Global Atlantic. “By asking those additional questions, financial professionals can build portfolios that reflect what clients value most, which, as our study shows, is steady, guaranteed income and lifetime security. Regular check-ins, especially in the last five working years and the first five years of retirement, are also crucial since clients’ priorities often switch during this transition period.” 

Additional findings 

Other key survey findings include:

• 86% of investors value protection of initial investment (principal protection), compared to only 52% of advisors.
• 80% of investors emphasize protecting investments to limit downside risk, versus 55% of financial professionals.
• 75% of investors report discussing protection strategies with their advisor, but only 54% feel adequately protected from market downturns.

Guaranteed income a top priority for investors

The survey also highlights a top priority for many investors:  65% of those surveyed said that creating or utilizing a plan that provides income for life is a financial priority, while 56% prioritize protecting assets over growth. Despite this focus, only 46% of investors have spoken with their financial professional about annuities, which can offer stability and guaranteed income.

So why is lifetime income such a top priority for many investors and what are some of the questions that advisors can ask to help clients build portfolios that reflect what many of them value the most? Lifetime income is a top priority, Bickler said, because many investors fear outliving their savings amid longer lifespans, rising healthcare costs, and inflation. “Our survey found that 83% of investors value guaranteed income beyond pensions or Social Security,” he said.

Bickler added that financial professionals can uncover these needs by asking questions including, “What does financial security in retirement mean to you?” and “If I could show you a way to have a guaranteed income stream for the rest of your life, would you be interested in learning more?” “Ultimately,” he pointed out, “guaranteed income offers the predictability and protection clients value most, providing lasting peace of mind.”

The survey of financial professionals and retirement-age investors also highlights key areas of alignment, including common concerns about the impact that rising healthcare costs and inflation will have on retirement spending power. More details about the Global Atlantic 2025 Retirement Outlook Survey are available here:

The Global Atlantic 2025 Retirement Outlook Survey was conducted online by Artemis Strategy Group from December 6 to December 26, 2024. Respondents included 1,009 investors with $250K to $2M in investable assets, ages 55 to 75, who work with a financial professional, and 514 financial advisors.

 

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