For Retirement Advisor’s 2014 Industry Survey, we asked insiders to weigh in on the most pressing challenges as well as the biggest opportunities for them as they look ahead to 2015. The respondents came from a cross-section of marketing organizations, services companies, consultants, brokers, advisors and agents.
Let’s go inside the numbers and responses…
From the survey: Where are you finding your biggest success right now?
Annuities continue to dominate the industry survey. According to respondents, annuities remain number one with 35 percent of those surveyed claiming the safe product as their biggest area of success. Others clocking in were life insurance (23%), long-term care insurance (15%) and investment products (18%). Sleepless in insurance
From the survey: What issue keeps you up at night?
While much of the global economy experiences seismic shifts of extreme volatility, the insurance industry is nothing if not consistent. Every survey we’ve conducted at this publication has resulted in “generating leads” (33%) as the biggest challenge folks in the industry face. Other reasons for insomnia include: industry legislation (21%), the economy (18%) and cap rates on indexed annuities (7%). Transformers
From the survey: What changes in your business do you have planned for 2015?
Sixty percent of respondents said they plan to develop new lead generation techniques in 2015. Other big changes include: “I plan to offer new products” (30%), “I plan to increase advertising” (24%) and “I do not plan to make changes in 2015” (18%). Tech talk
From the survey: How has new technology, such as smartphones, tablets, social media and personal websites, changed the way you do business?
For respondents, technology has increased productivity (51%), it’s complicated things (39%), taken away the personal touch (24%) and decreased productivity (12%). Fear factor
From the survey: When you or your employees talk to clients, what are the biggest fears they are facing?
More client fears:
Paying for non-budget items and emergencies, cash flow and employment and long-term care. Business plans
From the survey: Which of the following do you incorporate into your current business model?
Retirement income planning: 82%
Health-care issues: 45%