In a recent InsuranceNewsNet article writer Katie Thompson cites a 2018 Global Atlantic survey that confirms what we’ve learned over the course of the last few years: Financial Advisors prefer to work with a platform of multiple annuity solutions from multiple providers.
Indeed, an overwhelming 96% of respondents to the survey indicated that they would increase their use of annuities if presented with multiple annuity options via a single platform.
The advantages are clear, especially among fiduciaries for whom a one-size-fits-all solution would not be viable. And while offering many options is great, attention must be paid to the advisor experience. All of that choice can be difficult to grasp. Here are…
Six Things Advisors Like about the Breadth of Choices on the RetireOne Platform, and How we Keep it Manageable
1. More choice
Multiple offerings from different carriers allow for a broader selection of annuity solutions to meet varying client needs even as those needs evolve. 57% of respondents to the Global Atlantic survey indicate that a broader annuity selection allows for customizable planning based on actual client needs and circumstances.
2. Competition
The presence of multiple carriers on the RetireOne platform means that quality rises to the top and clients win.
3. Ongoing Service and Support as Agent of Record
All of this additional choice would seem to add complexity. But our Relationship Managers act as another set of eyes on client accounts, so that both advisor and client experiences are improved.
4. Single Point of Contact
Our partner RIA firms know whom to contact and where to find them. As liaison between the Advisor and the insurance company, we help eliminate the reliance on multi-layered-call-queue-phone-prompt robo attendants. 51% of respondents to the Global Atlantic survey prefer the simplicity of a single point of contact.
5. Connected Assets
We work with our insurance company partners to connect all of the various types of client policies to our RIA partner firms' preferred portfolio management software and aggregation technologies. Advisors can count on deeper integrations into their practices with these annuities, by design.
6. Expertise and Education
Advisors rely on us to analyze, educate them about, and provide recommendations for client annuity needs for which they sometimes lack experience. All of this choice can be overwhelming. With our model, they have a back office of knowledgeable experts who extend their bench at no additional cost to them or their clients. No insurance license required.
The Bottom Line
Annuities will grow in importance in coming decades as more Americans retire without defined benefit plans to reliably ease their transition into retirement. Ignoring their importance is no longer an option, nor is it an excuse. As Thompson points out, more firms and technologies are coming online “in the digital age” to meet this growing need.
