Financial Advisors Want More Options from Annuity Providers, According to Global Atlantic Study
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This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515005531/en/ (Graphic: Business Wire) These are some of the major findings of a
When asked about the benefits of a multi-product annuity platform, the majority of advisors (57%) said it allows for customizable retirement planning based on client need and lifestyle, and half (51%) noted the simplicity of a single point of contact for multiple product offerings.
"In this volatile investing environment and with a new era of regulation as a backdrop, advisors need to show clients that they have a full set of solutions at their disposal to meet income planning and retirement savings needs," said
"Advisors recognize that they need to offer choices on how to solve their client's challenges and goals solutions to stay competitive," noted Nelson. "But in order to be effective, they need partners that are not only offering a robust line-up of products, but also providing education, guidance, and consultation when needed."
When asked how they educate their clients, most advisors (62%) said they spend time to explain product features and answer questions. About half (53%) use written materials supplied by partners or their company. When asked what would help them better utilize annuities among clients, half (50%) said better guidance and education from distribution partners on the differences between products, and nearly half (46%) would like the ability to withdraw from the annuity's value for emergencies. Less than one-third (31%) cited a desire for fee-based rather than commission-based annuities.
"The results of this research indicate advisors need very broad and deep support when it comes to annuities - from general education to the specific applications of different solutions," added Nelson. "We see this as a great opportunity considering Global Atlantic's focus on taking a consultative approach in supporting advisors across all channels." Methodology The 2018
Global
Annuities are issued by
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