Consumers need human advisors – and more of them

Lightning-fast advances in computing and artificial intelligence are transforming our society, the ways we work, and how everyone consumes goods and services. It would be naive to think the revolution will bypass the insurance and financial services industry. If you are a practicing agent or advisor, a quick look at your email inbox is enough to reveal fintech offers for any number of new digital tools and AI solutions. And while it is important for insurance and financial professionals to understand this technological transformation and adopt tools that benefit their practices and clients, it is equally important to know that your role remains as vital as it ever was. 

It sometimes seems like a contradiction that a profession so steeped in numbers and calculations — tax rates, income-replacement ratios, required minimum distributions, income-related monthly adjustment amounts — is in fact deeply rooted in personal, human-to-human connections. Despite all the technology tools at your fingertips, it remains crucial for agents and advisors to nurture relationships with families and business owners who need not only insurance and financial products but also the guidance, understanding and reassurance you provide. The numbers, graphs, charts and analyses may help ease your clients’ minds, but at the end of the day, the people you serve are counting on you.

The human touch

This year’s Insurance Barometer Study, an annual project by NAIFA’s Life Happens community and LIMRA, bears this out. According to the report:

» 75% of consumers want the help of a professional during the life insurance-
buying process, and 42% of those want help “early” or “very early” in the process.

» 78% of adults say they trust financial professionals.

» 94% of those who work with financial professionals trust them.

» 70% of adults work with a financial professional or are seeking to work with one. Of the remaining 30%, their reluctance in many cases is based on misconceptions involving the cost, value and availability of help. 

The study shows that consumers have an enduring need for guidance. The profession’s future is strong, and federal government statistics bear this out. The finance and insurance sectors of the economy represent over 7% of the U.S. gross domestic product and employ 6.7 million people. The Bureau of Labor Statistics projects job growth of around 4% over the next 10 years in the category of “Insurance Sales Agent,” amounting to around 47,000 job openings annually. In the financial planning space, job growth is forecast to be around 10%, or 24,100 openings per year.

In fact, the market demand for insurance and financial services is likely to soon outstrip the ability of professional agents and advisors to deliver them. A shortage of financial professionals is looming.

Encouraging the next generation

The Barometer Study found that 42% of people between the ages of 18 and 50 are either “somewhat likely” or “very likely” to consider becoming a professional financial or insurance advisor or planner as a career path. The next generation of financial professionals — whether they are new to the workforce or midcareer changers — is out there. They just need our encouragement.

NAIFA 2025 President Doug Massey recently told the audience at the association’s National Leadership Conference that when he first joined NAIFA, he found it strange to be sitting down with so many of his business competitors and helping them succeed. But he came to realize that the core value of his profession is about helping American families and businesses achieve financial security and prosperity. Sometimes, he said, that involves working with your competitors — helping them out and getting their help. This is a message I encourage all agents and advisors to take to heart.

If we want this profession to remain vibrant, trusted and impactful, we must take responsibility for building its future. The need for professional guidance is growing, but without a strong pipeline of new advisors, we risk falling short of what American families and businesses deserve. If you’ve found purpose and prosperity in this field, now is the time to step forward as a mentor, a guide and an advocate. Share your story. Open doors.  

Tell new colleagues that associations like NAIFA are here to help. When we commit to cultivating the next generation, we’re not just preserving the profession; we’re also elevating it. A stronger community of financial professionals means a stronger future for everyone you serve, and that’s a legacy worth preserving. 

Kevin Mayeux, CAE, is NAIFA’s CEO. Contact him at [email protected].