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The Differences They Make: An Advisor, an Annuity or a Formal Plan in a Retiree’s Life

The Differences They Make - Cover Image

Industry Issues

LIMRA Secure Retirement Institute examined retiree confidence and retiree preferences when working with advisors. We also examined the major drivers of their retirement confidence.

Key Findings

Advisors who work with clients to create formal retirement income plans that include annuities elevate retiree confidence to a whole new level.

  • Simply having a relationship with an advisor is not enough to improve retirement confidence. Neither is having an annuity — unless it is part of a formal plan.
  • The sense of security comes when the advisor completes a formal retirement income plan for the client.
  • Creating a realistic formal plan encourages clients to consolidate assets with their advisors, which is a win-win situation for clients and advisors.
  • Half of the affluent and HNW clients with a formal plan have consolidated 90%+ of their assets with their advisors — more than double the percentage for retirees who do not have a plan.

Advisors need to know they should educate clients about retirement income planning, create plans based on realistic expectations, and determine how an annuity can support the plan. This will improve clients’ confidence in their retirement security, and lead them to entrust more of their assets to their advisor.

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Meet the Project Director

Jafor Iqbal
Assistant Vice President
LIMRA Secure Retirement Institute

Jafor Iqbal studies retirees and the role of financial advisors in retirement income planning. In this role, he leads the LIMRA Secure Retirement Institute's retirement income initiatives. His leadership and focus in retirement income has resulted in the publishing LIMRA’s 2009 and 2012 editions of The Retirement Income Reference Book, a complete mapping of the retirement income marketplace, including retirement risks and issues faced by consumers and advisors, as well as the annual LIMRA Retirement Income Fact Book.

Prior to joining LIMRA in 2009, Iqbal was Director of Product Management at Fidelity Investments.

For more information, Email

Jafor Iqbal