Disconnects between advisors and investors
An Alliance for Lifetime Income study revealed key disconnects between financial planning professionals and investors when approaching protected income and annuities in retirement.
The findings, based on responses from 2,516 consumers for the firm’s 2024 Protected Retirement Income and Planning (PRIP) study, shows that while 62% of advisors say they’ve initiated conversations about annuity products, just 27% of investors agree. Similarly, when discussing retirement income planning, 98% of planners say they have talked about Social Security, pensions, and annuities, but only 69% of clients agree. The study goes on to report that a lack of engagement could cause the disconnect between both groups. While plan sponsors and third parties could provide material to employees, most will not engage unless it’s targeted to them.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.