3 ways to adapt your FIA messages for younger boomers

By B Grigg

Fidelity & Guaranty Life


Over the past several months, I have written about the differences between older and younger baby boomers. I call them “middle” and “trailing-edge” boomers. Trailing-edge boomers were born between 1955 and 1964. I believe trailing-edge boomers in particular present a unique and untapped market for agents who specialize in annuity sales. They desperately need help planning for retirement. However, their typical life experience with work, savings and investments requires they talk about the benefits of annuities in a different vernacular. Here are three ways to adapt core FIA concepts in order to successfully connect with a younger generation:

1. Don’t hesitate to talk about the “feel-bad” story. With an annuity, the prospect can safely accumulate money to enable them to stay in their own home and maintain their standard of living. Remember, this group tends to believe that good times are the exception, not the rule.

2. Emphasize the safety of an FIA in a roller-coaster world. Trailing-edge boomers may not realize that with an annuity, you can have a guaranteed income stream, immune to market gyrations. This income stream will give them the ability to budget for their finances in retirement, even allowing for things such as vacation funds.

3. Focus on the chance for a retirement “do-over.” The traditional route — college, loyalty to an employer, participation in a 401(k) — likely failed for this group. FIAs give them a chance to positively change their future.

I had the opportunity late this summer to discuss the psychology of the trailing-edge boomer segment in great detail with Jack Marrion, a well-known retirement strategist in the industry. We created a summary of those conversations in a white paper that will focuses on how the fixed indexed annuity conversation must change for this group.