Despite unprecedented threats from historic regulation and record-low interest rates, insurance executives sounded a positive note during this morning’s kickoff session of the Insured Retirement Institute’s Marketing Summit 2016.
“We’ve never seen an environment where (financial advisors) were under attack the way they are today,” said Robert DeChellis, president of Allianz Life Financial Services.
Meanwhile, the need for retirement advice is higher than it’s ever been. William Benjamin, CEO of U.S. Bancorp, cited a few statistics. Households nearing retirement have $12,000 saved on average. The number of Americans aged 65 and older is expected to soar to 72 million by 2030.
Still, many Americans see financial advisors as too expensive, not trustworthy and generally unwelcoming, DeChellis said.
Technology, innovation and a general passion to helping people can all be part of the change needed to meet the future need for financial advice, the panelists agreed.
“We’re in a great position to help clients and as we help them, we’ve got to educate them on what they’re about to face,” Benjamin said.