When Affluent Consumers Engage in Retirement Planning, Trust in their Advisors Increases

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New research from the LIMRA Secure Retirement Institute reveals that when affluent consumers are deeply engaged in personal retirement planning, 6 in 10 say that their trust in their advisors increases. The study also found that 60 percent of affluent consumers believe that their advisors achieve better results than what they could on their own. (See Chart.)

“For affluent consumers, trust is more than delivering a strong investment performance,” said Jafor Iqbal, assistant vice president, LIMRA Secure Retirement Institute.  “Advisors who engage their clients in rigorous retirement planning gain their confidence, trust, and their loyalty.”

Three in four affluent consumers expressed high satisfaction with their advisors.  Satisfaction measures included the ability to reach the advisor when needed most, as well as, transparency and clear communication — especially when discussing the cost and value of a service.   Nearly half said they would like to work with their current advisor for life.

“From the study we were able to identify four predictors to lifetime loyalty,” said Iqbal. “Advisor accessibility ranked at the top. The other predictors included consolidation of 50 percent or more of client assets with the advisor, relationships of 10 years or more, and client engagement in retirement planning.”

This study looked at Americans at three asset levels: $3.5 million-plus, $1 million to $3.5 million, and those under age 55 with assets of $500,000 to $999,999. These affluent consumers make up only 8.2 million households but own nearly $22 trillion in financial assets.

Sixty three percent of affluent consumers work with an advisor on at least some portion of their portfolio.

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LIMRA Media Contacts  

Catherine Theroux, 860-285-7787, ctheroux@limra.com
Mark Morris, 860-285-7875, mmorris@limra.com

About LIMRA  

LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.

About LIMRA Secure Retirement Institute    

The LIMRA LOMA Secure Retirement Institute provides comprehensive, unbiased research and education about all aspects within the retirement industry to improve retirement readiness and promote retirement security.  For information on the LIMRA LOMA Secure Retirement Institute, visit:www.secureretirementinstitute.com.


NAFA, the National Association for Fixed Annuities, is a national trade association exclusively dedicated to promoting the awareness and understanding of fixed annuities. NAFA is the only association whose sole purpose is advocating for the fixed annuity product.

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