Three-quarters of financial service firms rate the acquisition of new clients who are building a nest egg for retirement as a very or vitally important strategic priority, a new survey shows.
Market research firm Hearts & Wallets LLC published this finding in a new report that highlights findings from the firm’s annual confidential management survey of nearly two dozen distributors, employer-sponsored plans, insurers, asset managers and intermediary platform solution providers regarding their strategic priorities.
The survey lists the following as very or vitally important strategic priorities among the firms surveyed:
- Acquisition of new clients — 75 percent of respondents;
- Marketing/developing retirement income products and services — 70 percent;
- Driving IRA rollover sales — 55 percent;
- Winning pre-retirement asset consolidation from existing customers — 65 percent;
- Building/improving wealth management offerings — 40 percent;
- Helping mid-career investors accumulate wealth — 30 percent; and
- Working with young investors to pilot new communications technologies — 25 percent.
The survey reports rising interest among respondents in serving young investors. The percentage of firms agreeing that “most of our competitors are not interested in target accumulators” dipped to 10 percent this year from 56 percent in 2010.
Similarly, firms agreeing that “it is more profitable to serve customers living in retirement and generating income from assets than accumulators” declined to 20 percent from 37 percent in 2010.