The rise of a "do-it-yourself" mindset among many web-savvy consumers has prompted online shoppers to bypass intermediaries in a number of industries—including insurance. But don't expect the mass disintermediation of those selling annuities anytime soon.
Indeed, the latest research from Deloitte's Center for Financial Services found that guidance from insurance agents and financial planners remains the dominant factor in just about every aspect of a consumer's annuity purchase decision.
For example, when asked who or what first prompted the 750 buyers surveyed by Deloitte to purchase their most recent annuity, a suggestion from an advisor was far and away the leading catalyst among respondents in all age groups (30-44, 45-54, 55-64, and over 65). The influence of an intermediary was most pronounced among the two older segments, rising to a high of 74% for those above age 65.
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