LIMRA research shows 27% of Americans prefer to work with an agent or advisor when buying life insurance. New findings from the 2019 Insurance Barometer Study, which LIMRA does each year with consumer education nonprofit Life Happens, show about 1 in 5 Americans (17%) say they are looking for a financial advisor. Millennials and Generation X consumers are most likely to be among those who are looking for an advisor and LIMRA research shows they are more likely to be using social media to research financial professionals. Fifty-one percent of Millennials and 32% of Gen X consumers use social media to find information on potential advisors.
According to the study, roughly, 85 million Americans use social media to learn more about financial advisors. Six in 10 of these consumers say they use social media sites to find information on financial services products and services or were looking for reviews on financial professionals. When asked to rate the sites, consumers rated Facebook as the most important social media platform, with LinkedIn and Yelp closely behind.
Consumers also feel it is important for advisors not just to have a presence but to be active on social media. Consumers said they found information about how to save money, and comments from other people most valuable (chart):
This research shows how important it is for agents and advisors to be active on social media to effectively engage with consumers, especially those under 50.
In the latest episode of LIMRA Unplugged, LIMRA Senior Research Director Jim Scanlon talks with Maggie Leyes, senior vice president at Life Happens, about the 2019 Barometer Insurance Report findings. For more insights into the impact of social media on financial professionals and other topics covered in the report, like simplified underwriting and combination products, please watch: 2019 Insurance Barometer Study - Hot Topics.