RIAs Overtake Independent Brokers As Top Annuities Sales GrowthChannel, Goldman Says
June 18, 2025 by Ben Mattlin
For the first time, insurers ranked RIAs as the top distribution growth area for annuity sales, overtaking the channel of independent insurance agents.
This is among the key findings in the fifth annual Goldman Sachs Asset Management survey of insurance and annuity providers, released on Thursday.
Gathering input from more than 100 professionals at 31 different U.S. insurance providers, the report, titled “Change on the Horizon,” identified several key market trends and emerging product and distribution trends. Among them was the fact that 45% of insurers surveyed ranked RIAs as the leading growth area for annuity sales, reflecting rising demand for annuities from fee-based advisors. Only 38% of respondents said they anticipate growth from the independent channel, which is made up of independent insurance agents.
Wink’s Moore on the Market: Okay, so…
1. Most RIAs that sell annuities are independent insurance agents that are paid commissions on annuities, so be careful throwing around “RIA” Goldman Sachs.
2. You could be the “top distribution growth area,” with only $1.00 in sales. We must scrutinize the numbers we ingest.
3. This is a survey of “100 professionals at 31 different U.S. insurance providers.” Who knows what distribution channels these insurance providers distribute from? Is this data biased?
4. “Among them was the fact that 45% of insurers surveyed ranked RIAs as the leading growth area for annuity sales, reflecting rising demand for annuities from fee-based advisors.” Well- that depends. Are we talking RIAs, or hybrid RIAs? Hybrid RIAs, yes. Fee-based RIAs, no.
5. Sales of annuities through fee-based RIAs account for only 0.51% of the $62.7 billion in deferred annuities sold in the first quarter. Plenty of GROWTH potential there…
Thanks for the conversation piece Ben Mattlin at Financial Advisor Magazine. -sjm
