Motivating Asian American Consumers to Buy Annuities

Consortia Studies: Motivating Asian American Consumers to Buy Annuities

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Motivating Asian American Consumers to Buy Annuities

The individual annuity market is experiencing record sales and looking to maintain this momentum. At the same time, the aging U.S. population creates a favorable environment for annuity sales, with the Asian American segment representing a significant opportunity: they are one of the fastest growing racial groups in the country, their household incomes tend to be higher, and according to LIMRA research, they are focused on saving for retirement, with 45% are interested in an “investment type” product.

The Motivating Asian American Consumers to Buy Annuities 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.

Report Details

Phase 1: Quantitative Report Details

Project Overview
- Background
- Goals & Strategy
Methodology
Demographic Profile
Cultural Demographics
Executive Summary
Targeted Opportunity
Financial Advisors
- Asian American Financial Advisor Usage
- Financial Advisor Attributes
- Importance of Financial Advisor Attributes to Annuity Owners
- Communication Preferences with Financial Advisors
- Interactions with Financial Advisors
- Satisfaction and Loyalty
- Discussions with Your Financial Advisor
- Reasons for Not Working with a Financial Advisor
- Learning Preferences
Retirement
- Retirement Savings
- Retirement Planning
- Envisioning Retirement
- Funding Retirement
- Risk Tolerance
- Financial Security
- Financial Stress
Annuities
- Familiarity with Annuities
- Annuity Associations
- Annuity Non-Owners
  - Reasons for Not Owning an Annuity
  - Preferred Financial Products
  - Likelihood of Future Annuity Purchase
  - Financial Needs Fulfilled
  - Buying an Annuity
  - Reasons for Not Buying an Annuity
  - Differing Concerns
  - Purchase Instead
  - Financial Advisor Influence
  - Differing Needs
  - Summary
- Annuity Owners
  - Reasons for Owning an Annuity
  - Recommending an Annuity
  - What’s Important when Deciding to Purchase an Annuity
  - Intended Use of Purchased Annuity
  - Summer
- Cultural Influence
  - Perception of Financial Products
  - Investing and Living Abroad
  - Language Influencing Buying Decisions

Phase 2: Qualitative Report Outline

Project Overview
- Background
- Goals & Strategy
Methodology
Qualitative Focus Groups
Key Findings
Retirement
- Top Retirement Priorities
- Retirement Strategies
Annuities
- Annuity Associations
- What is an Annuity?
- Financial Needs Fulfilled
- Important Financial Needs
- Considerations
- Annuity Owners
- Annuity Non-Owners
- Funding Retirement
- Other Financial Products
Financial Advisors
- Making Financial Decisions
- Financial Advisor Attributes
- Communication Preferences
- Guidance Through the Process
- Financial Advisor Experiences
Cultural Influence
- Influence of Cultural Values on Financial Planning Decisions
- Asian American Values and Financial Decisions
- Legacy
- Advice to Annuity Providers or Financial Advisors
Considerations
- For Annuity Providers
- For Financial Professionals
Appendix

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

Who Should Purchase this Study: Marketing, Distribution, Strategy, and Research/Insights leaders with a focus on Annuities

Cost: $21,000