Eight of the top ten annuity market ZIP codes are in major metro markets, not retirement destinations.
Metuchen, NJ (PRWEB) February 10, 2015
“Austin, Texas is one great annuity market for advisors. As a metropolitan area, it’s got a track record of growth that’s four times the US average, the size of its annuity market trumps the larger San Antonio metro, and it has great suburban markets,” said Bill Poll at Information Asset Partners (IAP). As a city, Austin ranks 10th among today’s annuity markets and is accompanied by familiar major cities such as NY, LA, and Chicago.
Sizing financial product markets and targeting by today’s likelihood of engagement and buying is what IAP does. “The annuity buying metric uses the same predictive analytic approach that’s behind the over $43 billion in annual digital marketing spend (Internet Advertising Bureau – 2013): Determine who looks most likely to buy my product now. The advantage in IAP’s approach is that the same buying behavior-driven algorithm that sizes the annuity market also targets the prospects.” Today’s annuity market is 2.7 million households, a 2.4% increase over 2010. Today’s annuity buyers are concentrated geographically: 70% of these households are in 22% of ZIP codes.
The analysis – “IAP Analytics: Best Annuity Markets for Advisors” is available on IAP’s site: http://www.iapartners.com/uploads/1/3/3/8/13381670/iap_analyitcs_-_best_annuity_markets_for_advisors_-_top_10s.pdf. The brief presentation features a series of Top Ten markets – from ZIP codes to states, a focus on Austin, Texas, and highlight on some smaller annuity markets across the country.
In developing the Best Annuity Markets analysis, data is consolidated into familiar geographic and postal market designations: ZIP codes, cities, counties, metropolitan areas, and states. The graphic shows the top ten annuity market ZIP codes in the US.
Retail annuities are a $230 billion business (LIMRA – 2013). According to Poll, “The key takeaways are that, yes, the annuity market tends to be concentrated in some markets more than others, but there is substantial market opportunity throughout the country. Advisors’ annuity market or audience really emerges among working households with higher levels of assets in their 50’s. Eight of the top ten annuity market ZIP codes are in major metro markets, not retirement destinations.”
About Information Asset Partners
Founded in 2003, IAP specializes in the development and application of analytic solutions that focus on marketing performance and customer value for clients in wealth management, asset management, insurance, and banking: Measuring where institutional meets retail. For these clients, IAP’s Empirics investable asset, product, and retail financial behavior metrics provide new, integrated, forward-looking ways to assess their markets and manage marketing performance.
Information Asset Partners is located in Metuchen, NJ. Contact IAP at 732.662.1859 or visit http://www.iapartners.com for further information.