A recent report is offering new insight on how leads for insurance agents can result in more business down the road.
The study, "Advisor Perspectives on Retirement Planning," which was conducted by LIMRA, found that approximately 75 percent of advisors who offered retirement income services for their clients wound up altering their business models later on by doing more retirement income planning. Changes included offering new products or services and adding more components to their financial planning capabilities.
Matt Drinkwater, associate managing director for LIMRA Retirement Research, indicated that insurance agents and advisors are responding to their customer base according to demand.
"With 10,000 Boomers turning 65 each day for the next 18 years, advisors are recognizing the substantial market for retirement income planning," said Drinkwater. "Outside of the pure demographics, LIMRA’s research has found that only one-third of Americans feel they are saving enough for retirement and a majority of pre-retirees feel that they are not prepared for retirement."
While there has been a movement among agents to offer more retirement income planning, there hasn't been a consensus about what types of plans are best. LIMRA notes that the formal written plan was one of the more common approaches agents took toward planning. Overall, advisors overwhelmingly agreed that written plans offered an easy way to discuss product solutions, a straightforward plan of action to outline goals and create a greater ability to attract more referral business.
Drinkwater added that as retirement income planning becomes more popular among customers, agents and providers should continue to look for ways in which these types of services can be offered. In addition, advisors should "assess the capabilities and expertise required to meet the growing demand for these services."
One of the things many advisors did to accommodate the growth in demand for retirement income planning was by attending courses so they could obtain the skills necessary to improve their selling and counseling techniques.
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