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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.

Advisors said offering clients the best retirement income products was the most important consideration driver for variable annuities, while guaranteed rates and product simplicity were the key areas to convey for fixed and indexed annuities.

According to the study, advisors who want to invest client assets in annuities ranked Jackson National, Lincoln Financial and Pacific Life among the top five providers across variable, indexed and fixed annuities.

Following are the top five annuity providers in consideration by product type:

Variable Annuity

  1. Jackson National
  2. Lincoln Financial Group
  3. Prudential Financial
  4. Nationwide Financial
  5. Pacific Life

Fixed Annuity        

  1. Lincoln Financial Group
  2. Pacific Life
  3. Brighthouse Financial
  4. Jackson National
  5. Nationwide Financial

Indexed Annuity

  1. Lincoln Financial Group
  2. Allianz Life
  3. Pacific Life
  4. Jackson National
  5. AIG

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