Filed Under:Annuities, Sales Strategies

5 tips on 'meeting the retirement challenge'

Deloitte offers insights into what can be done to jump over common hurdles

Close to 40 percent of people surveyed said that they did not know anything about annuities or understand how they work. The percentage, which is markedly higher among younger respondents, attests to the inability of the industry to convey not only the operational mechanics of the products they sell, but also the fundamental basics about what they are.

Released as part of Deloitte’s Center for Financial Services’(Deloitte) report, “Meeting the Retirement Challenge: New approaches and solutions for the financial services industry,” the finding illuminates the hurdles the industry faces in preparing people for retirement as well as the dearth of knowledge in the general public regarding adequate financial planning.

Oddly enough, 57 percent of those respondents who were offered advice through their workplace plan provider did not take advantage of the opportunity.

The industry is not entirely to blame for the hands-off approach in the workplace. With changes brought about by the Pension Protection Act of 2006, many employers are wary of incurring liabilities from providing investment advice in the workplace.

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date

Provided by LIFEHEALTHPRO

Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.