We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,425)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (436)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (809)
  • Wink's Articles (357)
  • Wink's Inside Story (276)
  • Wink's Press Releases (125)
  • Blog Archives

  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Diverse Investors Warm to Financial Advice

    September 19, 2023 by The Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–The Allianz Life Insurance Company of North America (Allianz Life) 2023 annual consumer survey of Americans’ views on retirement planning found that diverse Americans are re-engaging with professional financial advisors in 2023, rebounding from a drop reported in 2022. Allianz Life found that 36% of Black Americans reported having a professional financial advisor in 2023, up from 24% in 2022. This is a reversal of the previous year, which saw Black usage of professional financial advisors decline from 38% in 2021, to 24% in 2022. Hispanic investors report similar shifts in working with a professional financial advisor, rising from 35% in 2022 to 42% in 2023, after falling from 44% in 2021.

    The increased engagement of Black and Hispanic Americans’ with professional financial advisors tracks with a corresponding increase in confidence. When asked, “Right now, how confident do you feel about being able to financially support all the things you want to do going forward in your life, Black, Hispanic and White Americans all reported an 80% confidence level (a 9 point year-over-year increase for Black Americans and a 5-point increase for Hispanic Americans).

    Working with a professional financial advisor on a written plan that maps out how to achieve a successful retirement can be one of the most important steps anyone can take in seeking to secure their financial future. And while the uptick in investors of color working with professionals is encouraging, all groups are still behind white Americans, 47% of whom currently work with one.

    “It’s great to see an increase in diverse populations working with financial professionals and gaining confidence,” said Travis Walker, Business Solutions and Diversity Consultant, Allianz Life. “But clearly the industry has more work to do. We have to really listen to what our clients and potential clients are telling us about what they want, and don’t want, in a financial professional.”

    Why not work with an advisor?

    Americans who don’t currently work with a professional financial advisor gave varying reasons:

    Reason

    White

    Black

    Hispanic

    Asian

    I don’t have enough money to have a financial advisor

    30%

    26%

    32%

    33%

    It costs too much to work with a financial advisor

    32%

    32%

    34%

    46%

    I don’t trust financial advisors

    13%

    16%

    12%

    15%

    And, when those who have a professional financial advisor were asked why they don’t discuss certain important issues with their advisor, diverse investor groups often reported they were using other resources to find solutions to these issues (38% of Black Americans, 32% of Hispanic Americans and 30% of Asian Americans).

    These feelings may be due, in part, to some Americans of color having different financial concerns than others. For example:

    • 38% of Black and Hispanic Americans list “paying off credit card debt” as one of their top three financial goals, compared to 30% of the total population.
    • While 45% of the total population say “saving enough and making plans to live a comfortable retirement,” is one of their top three financial goals, only 36% of Black Americans say the same.
    • 31% of Black Americans say “leaving a legacy for my family” is one of their top 3 financial goals, compared to 23% of the total population.

    “The data are telling us that one size does not fit all when it comes to what people are looking for in financial advice,” said Walker. “Now more than ever, it’s critical for financial professionals to approach their clients with an open mind and really listen to their concerns. That’s how we help make financial guidance work for everyone.”

    When asked about topics they have not discussed with a financial advisor, but would like to, there are also significant differences among people of color compared to the overall population:

    • 78% of Black, 77% of Hispanic and 69% of Asian Americans would like to discuss the possibility of “unexpected, large expenses to pay for (e.g. damage to home, replace major appliance, need a new car),” as compared to 56% of the total population.
    • 77% of Black, 73% of Hispanic and 70% of Asian Americans would like to discuss “the rising cost of living will prevent me from enjoying my retirement,” as opposed to 59% of the total population.
    • 77% of Black, 79% of Hispanic and 62% of Asian Americans would like to discuss “navigating Medicare and health insurance and making the right choices for my healthcare,” compared to 54% of the total population.

    “These results show the need for a more holistic approach to providing financial planning strategies,” said Walker. “By definition, that means getting to know your clients better, and using a planning process that takes into account life needs that might fall outside the realm of traditional retirement strategies.”

    Diverse populations of Americans, just like all Americans, can benefit from professional financial advice. When asked what might make them more likely to work with a particular financial professional, 23% of Black Americans said they would like to work with an advisor who has “similar characteristics to me such as similar age, gender or race.”

    “One of the ways we bring more people of color into our client population is to bring more people of color into the career of financial professional,” says Walker. “There are a variety of industry-wide efforts to do so, and our success in these efforts will go a long way toward creating a more inclusive market for financial guidance.”

    *Allianz Life conducted the Allianz 2023 Annual Retirement Study online in February and March 2023 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k.

    Neither Allianz Life Insurance Company of North America nor Allianz Life Financial Services, LLC provide advice or financial planning services.

    Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

    This content does not apply to the state of New York.

    About Allianz Life Insurance Company of North America

    Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2022, Allianz Life provided additional value to its policyholders via distributions of more than $7.7 billion. As a leading provider of fixed index annuities, registered index-linked annuities and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

    Contacts

    David Kanihan
    david.kanihan@allianzlife.com
    (763) 765-7031
    @AllianzLife

    Originally Posted at Business Wire on September 14, 2023 by The Allianz Life Insurance Company of North America.

    Categories: Industry Articles
    currency