7. Expect More Advisor, Insurer and Provider Collaboration
Looking to 2023, Kelli Hueler, CEO and founder of the annuity research and placement platform provider Hueler Companies, says she is optimistic about what comes next for retirement income — especially the opportunity to foster collaboration between advisors and guaranteed income product providers.
“In the last handful of years, the marketplace has become so much more open-minded relative to collaboration,” Hueler says. “There are still a few firms that are still insular. Their point of view is that they aren’t interested in selling or servicing anything they haven’t built themselves. They still believe everything needs to be an in-house, proprietary solution.”
According to Hueler, this insular mindset has slowed progress on the decumulation issue, but it is now “finally and thankfully in the minority.”
“The advisory and insurance industries, I believe, now see the importance of giving people standardized, clear and easily comparable annuity choices,” Hueler says. “Moving forward, advisors have a great opportunity to inform retirement plan providers and annuity product manufacturers about what their clients want and need as it pertains to income solutions.”