Annuity providers pitching their wares to financial advisors should customize their sales and marketing messages in a way that aligns with the specific benefits of different product types clients are looking for, according to a new report from Annuity Brandscape, a Cogent Reports study released Wednesday by Market Strategies International-Morpace.
“Firms looking to bolster advisor interest should work to target the right benefits to the right people at the right time,” Meredith Lloyd Rice, vice president at Market Strategies-Morpace and the report’s author, said in a statement. “Building strong advisor engagement, through wholesaler and digital interactions, is critical to developing this understanding.”
The study was based on an online survey Cogent conducted online in October and November, involving 712 advisors.
Seventy-six percent of advisors in the study said the ability to generate guaranteed income in retirement was their chief reason for selling annuities to their clients.
However, advisors were influenced by different factors when considering different product types.