Under 50s, those with household income less than
“Financial professionals may have greater success connecting with these participants through small forums, one-on-one meetings and in ways where they can answer questions and demonstrate their expertise,” said
Of the survey respondents, 23 percent weren’t sure why they do not work with a financial professional. Others said they prefer to make their own decisions (24 percent), and they feel financial professionals are too expensive (23 percent).
“These findings underscore the importance of earning and building participant’s trust,” said Whitehead. “To put clients at ease, financial professionals should clearly explain fee structures, the impact of not working with a financial professional and other basic concepts right up front. They need to dispel any misconceptions and keep consumers interested in learning and doing more.”
The 35 percent of respondents who do work with financial professionals share some traits. For example, 68 percent are more likely to have calculated their retirement income need; 53 percent are confident or very confident about maintaining their lifestyle through retirement; and sixty-eight percent of these respondents plan to continue to work with a financial professional through retirement.
“Knowing why individuals choose not to work with a financial professional and understanding the characteristics of those who do, will help us determine how to best reach out to consumers and address their concerns,” said Whitehead. “Being ready to explain the tangible benefits of working with a financial professional is critical in helping them reach retirement readiness.”
This summary infographic provides survey methodology and additional insights.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.
Visit the OneAmerica Newsroom or follow @OneAmericaNews on Twitter for more information.
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