Prospective Investors Seeking Small Forums, Webinars

Most consumers do not use the services of a financial professional. That is especially true of those under age 50 and those who have annual income of less than $50,000. The American United Life Insurance Company® (AUL) has found that financial professionals may be able to increase their client base by using small forums and online tactics like videos and webinars.

Sixty-​five percent of people surveyed do not use a financial professional, according to the latest findings of a retirement plan participant survey conducted by American United Life Insurance Company® (AUL), a OneAmerica company. Of the 7,545 people surveyed, individuals under 50 years of age are the least likely to work with a financial professional (27%), followed by those who have a household income of less than $75,000 (26%). Men and women engage with a financial professional at about the same rate at 35% and 34%, respectively.

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 Marsha Whitehead, vice president of marketing for retirement services for the companies of OneAmerica. “Resources like webinars, podcasts and videos can introduce consumers to financial concepts and help them feel more comfortable seeking out a financial professional for more personalized and ongoing assistance.”

Of the survey respondents, 23% weren’t sure why they do not work with a financial professional. Others said they prefer to make their own decisions (24%), and they feel financial professionals are too expensive (23%).

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% of respondents who do work with financial professionals share some traits. For example, 68% are more likely to have calculated their retirement income need; 53%  are confident or very confident about maintaining their lifestyle through retirement; and 68% 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.”

About 15% of U.S. adults intend to invest more in the next year. Men comprise 63% of this audience according to AudienceSCAN data.  These consumers are over 100% more likely than average to buy gold and silver and to purchase investment properties. About 40% of these consumers have seen an Internet banner ad in the past 30 days which has led them to take action, a rate that is 37% higher than average.

AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.

Kathy Crosett
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-​owner of several small businesses in the health care services sector.