Data & Research February 14, 2011

Adviser-Focused Web Sites Improving

Despite a lack of major upgrades to adviser-oriented Web sites, a recent report found overall improvements to online tools regarding annuities offered by financial services firms.  
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The Web site audit was compiled into a report by Corporate Insight called the “Annuity Monitor.” The audit scored Web sites in six fields (with the level of improvement represented as an average percentage increase from the 2010 to 2011 audit):

  • Adviser sales resources, 18%
  • Adviser product information & marketing, 13%
  • Adviser services, 6%
  • Adviser Web site design & usability, 4%
  • Adviser sales tools, 3%
  • Adviser literature order system, 0%

Adviser sales resources had the highest level of improvement, 18%, going from 2.54 to 2.72 on a scale of 4. The firms performed well overall in this category, with seven firms scoring a 3 or better and only two firms receiving a score below 2.20. Corporate Insight was not surprised by the high marks in this category as many firms have been diligent in updating their online marketing materials and product literature libraries to stay ahead of the competition.

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Adviser product information & marketing was the strongest category for the Annuity Monitor firms in both the 2008 and 2010 audits. The industry average of 2.88 marks a significant increase from 2010 and shows a continued effort on the part of the firms to improve their offerings. The top six firms all graded at a 3.1 or above and only one firm fell below a 2.2. The greatest improvements have come in annuity product information detail and the creativity of marketing. Firms have improved their online fee transparency and introduced sales campaign themes backed by engaging and informative site-lets, the report said.

Adviser literature order systems were once again only offered by 10 of the 15 Annuity Monitor firms, resulting in a report-low industry average of 1.76. Only three firms received scores of 3.0 or above, while the remaining firms fell between 1.72 and 2.72. There was little activity from the firms in this category over the last year.

The Annuity Monitor audit, started in 2004, has become a tool for firms to see where their key competitive strengths and weaknesses lie and understand ways in which they can improve their customer Web sites. The firms that were included in the audit were: Sun Life Financial, ING, AXA Equitable, MassMutual Financial Group, Jackson, Allianz, MetLife, New York Life, Nationwide, The Hartford, John Hancock, Pacific Life, Prudential, TransAmerica, and Lincoln Financial Group.

 

Data & Research February 14, 2011

Women See Bigger Impact from Recession than Men

PNC Wealth Management released survey results this Valentine’s Day that show not everything is harmonious with couples in terms of financial concerns.  
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PNC’s “Love and Money” report, part of its Wealth and Values Survey, found that the recession left different footprints in the minds of men and women. Forty-nine percent of women, versus 39% of men, said “we are planning our financial affairs more carefully than we used to,” whereas 51% of men and 38% of women said “nothing has changed.”

Women were more concerned than men when asked about all kinds of financial headaches: fall-out from the recession concerns 69% of women versus 54% of men; inflation fears effect 51% of women versus 44% of men; money to support lifestyle concerns 46% of women versus 40% of men; declining real estate values (45% of women versus 35% of men), and not being able to support lifestyle in retirement (45% of women versus 34% of men).

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PNC Wealth Management also looked at the following issues:

  • Disconnect on Investing: Four in 10 (41%) men describe themselves as high or moderate risk investors, versus only 27% of women who tend to describe themselves as balanced (46%) or conservative/no-risk (27%).
  • Who’s in Charge?: The majority of men perceive themselves as driving the financial decisions, whereas women say they share responsibility for these decisions. Seven in 10 (73%) women and 45% of men say they share responsibility for financial decisions.  Half of men (53%) and only 17% of women say they are the ones who are mostly responsible.
  • Money and Happiness: More men (55%) than women (45%) say they derive pleasure from wealth accumulation. This represents a slight shift from five years ago when an equal number of men (52%) and women (50%) shared that sentiment.   
  • Agreement on Kids: Mothers and fathers agree equally that the recession has had an impact on their children’s future financial prospects. More than half (57% of mothers and 55% of fathers) believe the recession has fundamentally changed the way their children will manage their finances in the future.  The financial crisis has led many to openly talk about money; 44% of fathers and 49% of mothers agree “the events surrounding the recession have prompted me to have discussions with my children about finances and money.”
  • Kids and Their Future: There is rising concern among parents that their children may have a tougher time making it financially, as seven in 10 (71%) wealthy parents share this concern. In 2006, just over half (57%) of parents agreed with the statement, “I am worried that my children will have a tougher time making it financially than I did.”   

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