Consortia Study Reports Available for Purchase

About the Study:

This consortia study is aimed at diving into the conversations and expectations surrounding the transfer of wealth between Baby Boomers and their beneficiaries. This research will help sponsors have a deeper understanding of how prepared financial professionals are to capitalize on this generational wealth transfer opportunity, as well as what support to expect from carrier partners.

Publish Date: March 2025

Key Topics:

• Preparedness between benefactors and beneficiaries on the transfer of wealth
• If and how these groups plan to work with a financial professional
• How to incorporate the voice of the advisor on wealth transfer
• And more

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Facilitate proper communication between benefactor and beneficiary
• Opportunities to bridge the communication gap
• Insight into proper wealth management strategies for the beneficiary

Sample Details:

Phase 1: Consumer Perspective Sample Details

• Beneficiary Sample
  • Total N = 999
    • With a related benefactor
    • Gen X N = 405
      • 56% Male / 46% Female
      • 68% Married/Living with Partner
      • $109K Median Income
    • Millennials N = 390
      • 60% Male / 40% Female
      • 72% Married/Living with Partner
      • $100K Median Income
    • Adult Gen Z = 204
      • 57% Male / 47% Female
      • 49% Married/Living with Partner
      • $88K Median Income
    • Benefactor Sample
      • Baby Boomers N = 1000
        • With a related beneficiary
        • 53% Male / 47% Female
        • 78% Married/Living with Partner
        • 58% Young (<70) / 42% Old (70+)
        • 62% Established Assets (<$1M) / 38% Substantial Assets ($1M+)
      • Other demographics collected but not compared in the report
        • Location by State
        • Race/Ethnicity
        • Immigration
        • Veteran Status
        • LGBTQ+ Status

Phase 2: Financial Professional Sample Details

• 30 min IDIs with professionals that have multi-generational book of business N = 15
• 80% Male / 20% Female
• 47% 2024 Net Income $300K or more
• Distributor:
  • 27% Independent Broker-Dealer
  • 27% Affiliated Agent
  • 20% Full Service Broker-Dealer
  • 20% Independent Agent
• Region
  • 47% Midwest
  • 27% Northeast
  • 27% South

Cost:

• $15,000

About the Study:

Companies are evolving their practices to adapt to today’s financial services landscape. Team-based models are one way that companies are driving profitable growth while also supporting advisor recruitment and retention efforts. This study dives into the prevalence of teaming amongst carriers, the models used, how they are being applied and compensated, and results they can achieve.

Publish Date: January 2025

Key Topics:

• Teaming models used and how they are being applied and compensated
• Teaming productivity
• Teaming recruitment and retention
• Impact of teaming to distribution channels
• And more

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Gain a deeper understanding how carriers and their peers apply team-based approaches
• Learn the best practices and common challenges with teaming models
• Access details on how team-based models resonate with financial professionals

Sample Details:

Field Leader Sample Details

• 30-minute in-depth interviews with 14 field leaders who represent:
  • Affiliated General Agency
  • Affiliated Managerial Agency
  • Brokerage General Agency
  • Fraternal Agency
  • Independent Broker-Dealer
  • Multi-Line Exclusive Agency

Financial Professional Quantitative Sample Details

• Total N=399 (Financial Professionals on Teams N=304 / Financial Professionals Not on Teams N=95)
  • Respondent Criteria:
    • State Life Insurance License
    • >1 Year of Experience
    • >$50,000 Annual Gross Income
  • 57% Male / 42% Female
  • Generation:
    • Gen Z (1997-2010) = 5%
    • Millennial (1981-1996) = 37%
    • Gen X (1965-1980) = 40%
    • Boomer+ (1944-1964) = 19%
  • Years of Experience
    • Low (1<5) = 20%
    • Medium (5<20) = 46%
    • High (20+) = 34%
  • 2023 Gross Income:
    • Low ($50K-$99K) = 40%
    • Medium ($100K-$199K) = 38%
    • High ($200K+) = 23%
  • Current Position:
    • Independent Agent = 53%
    • Affiliated Agent = 15%
    • Broker Dealer = 15%
    • Other = 17%
  • 80% Insurance / 20% Investments

Cost:

• $17,500

About the Study:

This consortium study analyzes the annuity-buying potential of this untapped demographic. This study will help sponsors gain a deeper understanding of the market opportunity within the Asian American community, how to better connect this community with annuity products, and segment-specific motivators and challenges to consider.

Publish Date: January 2025

Key Topics:

• Envisioning retirement and its priorities
• Annuity perceptions
• Importance of financial needs
• Relationship and relevance of financial advisors for Asian American consumers
• Cultural influence on financial planning decisions
• And more

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Insights into market opportunities within the Asian American segment
• Motivators and barriers for Asian American consumers to purchase annuities
• Highlight segment-specific considerations for more effective engagement

Sample Details:

Phase 1: Quantitative Sample Details

• Asian American Consumers n = 1,000
• Family’s Background
• 23% Chinese
• 20% Japanese
• 17% Indian
• 17% Korean
• 13% Filipino
• 5% Vietnamese
• 6% Other Asian Descent
• 48% Annuity Owners and 52% Non-Owners
• Median Age = 59
• 55% Female / 45% Male
• Household Investable Assets minimum $100,000

Phase 2: Qualitative Sample Details

• Two Focus Groups (each 90 minutes):
• Asian American Cohort n = 10
• General Population Cohort n = 10
• Minimum of 3 Annuity Owners in Each Group
• Primary or Shared Household Decision-Making
• Household Investable Assets Minimum $100,000

Cost: $21,000

About the Study:

The annuity market has recently experienced record-breaking growth. The variable annuity (VA) market has undergone significant shifts in recent years due to changing consumer preferences, regulatory developments, and market dynamics. Sales of traditional Vas have been declining for several years, while sales of registered index-linked annuities (RILA) have grown. This study looks at the future of the VA market, and what carriers can do to increase VA sales.

Publish Date: July 2024

Key Topics:

• Market outlook and sales expectations
• Attitudes and perceptions regarding VA and RILA products
• Drivers, attributes, and challenges to selling these products;
• Motivators to sell more

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Better understanding of the future of the VA market and how carriers can increase VA sales
• Financial professionals’ opinions on VA products
• How product manufacturers can better support financial professionals and distributors in selling VA

Sample Details:

• Distributors of VA products n = 8
• Financial Professionals n = 400
  • Median Age: 44
  • 30% Female / 70% Male
  • Race/Ethnicity
    • 76% White or Caucasian
    • 12% Asian, Asian American, Pacific Islander, or Native American
    • 6% Black or African American
    • 4% Hispanic or Latino
    • 2% Other
  • Channel: 37% Affiliated / 36% Independent / 27% Other
  • Annual Income
    • 44% $200,000 or more
    • 12% $150,000 to $199,999
    • 28% $100,000 to $149,999
    • 17% $50,000 to $99,999

Cost:

• $19,500

About the Study:

Underserved markets continues to be a topic of concern and focus across our membership, as the financial services industry desires to increase the level of engagement with historically underserved markets. This study seeks to understand the unique needs, attitudes, and perceptions of various diverse client segments; evaluate how the needs of these segments might differ at various life stages; and uncover consumer preferences for products. The series includes five reports — Asian Americans, Hispanic Americans, Black Americans, LGBTQ+, and the U.S. general population for comparison.

Publish Date: December 2023

Key Topics:

• Financial attitudes and concerns
• Retirement preparedness
• Sources of financial advice and knowledge
• Financial product ownership and reasons for (not) owning
• Insurance coverage
• Perceived difficulty with the life insurance buying process
• Preferences for method of buying life insurance (in person, online, hybrid)
• Use of and preferences for financial professionals (level of trust, importance of working with an FP who shares your cultural background/community/values/ language)
• Comfort with technology

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Understand the unique needs, attitudes, and perceptions of various diverse client segments
• Evaluate the needs of these segments may differ at various life stages
• Uncover consumer preferences for products, financial professionals, and technology

Sample Details:

• Asian Americans (N=800), Hispanic Americans (N=1,305), Black Americans (N=800), LGBTQ+ (N=610)

Cost:

• $7,300 per segment report or $23,700 for all five reports.

About the Study:

There are 33.2 million small businesses in the U.S., which accounts for over 99% of all US businesses. Learn about the priorities of small business owners and how insurance products and services can address their needs. Small business owners often represent a complex sale, and the results of this study serve to guide advanced sales strategies. Although the research focuses on life insurance, it asks about additional products such as annuities, long term care, and others.

Publish Date: December 2023

Key Topics:

• Financial knowledge and attitudes
• Use of financial professionals (type of primary FP used, attitudes towards FPs)
• Financial priorities, challenges, and concerns
• Product ownership and coverage
• Succession, transition, and retirement planning (confidence, level of preparedness, funding sources)
• Notable differences by gender, generation, years in business, gross revenue, and other demographics

Benefits and Takeaways: Purchasing this study will help inform companies with the following:

• Attitudes and perceptions regarding life insurance
• Top financial priorities, challenges, and concerns of small business owners
• Succession/transition/estate planning of small business owners

Sample Details:

• N=1,000 Small Business Owners with 0-99 full-time employees and $250,000+ in gross revenue

Cost: $15,500