Retirement Insights: What Financial Providers Must Know About Their Clients

Understanding Retirees’ Preferences for Financial Providers

A recent survey conducted by Annuity.org sought to shed light on the needs and preferences of retirees and soon-to-be retirees regarding financial services. Over 500 adults aged 50 and above participated in this study, revealing critical insights into their financial decision-making processes.

The survey results indicate a clear preference for trust and personalized support when individuals choose a financial service provider. While the potential for investment returns remains a consideration, the overarching priority for many respondents is a sense of trustworthiness. An eye-opening 71% of participants identified trust as the most important factor when selecting a financial advisor, with many expressing the need for providers who genuinely care about their financial well-being rather than being primarily motivated by commission.

Key Findings from the Survey

Nearly half of the individuals surveyed (46.8%) are currently retired, while a significant portion (26.5%) plans to retire within the next five years. This represents a considerable demographic of the population who are either living in retirement or actively preparing for it, making the findings especially relevant.