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Retirement Planning > Retirement Investing

Most IFPs are nearing retirement age

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Nearly 1,000 independent financial professionals — independent agents, registered representatives of independent broker-dealers and independent financial advisors — responded to a comprehensive, online survey jointly sponsored by LIMRA and National Underwriter.

Seventy-three percent of respondents identify themselves as independent life insurance agents, 18 percent as registered representatives of independent broker-dealers, and 9 percent as independent financial advisors. The survey covered topics such as career path, carrier relationships, market opportunities, and the future of independent distribution. 

Names of independent sales professionals were randomly chosen from the National Underwriter subscriber database. Just over 75 percent of respondents are insurance-focused IFPs (50 percent or more of their revenue comes from life, health, annuities and/or property and casualty products).

Survey participants:

• Have an average of 20 years in financial services sales and 13 years in their current position.

• Average 55 years old; just 25 percent are under the age of 50.

• Are mainly male (84 percent)

• Are primarily Baby Boomers (58 percent); Gen Y IFPs account for just 3 percent of survey respondents