Perceived Expense a Barrier to Working with a Financial Professional

Under 50s, those with household income less than $75,000 are more likely to go it alone

July 03, 2014 – INDIANAPOLIS–(BUSINESS WIRE)–Sixty-five percent of people surveyed do not use a financial professional, according to the latest findings of a retirement plan participant survey conducted by American United Life Insurance Company® (AUL), a OneAmerica company. Of the 7,545 people surveyed, individuals under 50 years of age are the least likely to work with a financial professional (27 percent), followed by those who have a household income of less than $75,000 (26 percent). Men and women engage with a financial professional at about the same rate at 35 and 34 percent respectively.

“Financial professionals may have greater success connecting with these participants through small forums, one-on-one meetings and in ways where they can answer questions and demonstrate their expertise,” said Marsha Whitehead, vice president of marketing for retirement services for the companies of OneAmerica. “Resources like webinars, podcasts and videos can introduce consumers to financial concepts and help them feel more comfortable seeking out a financial professional for more personalized and ongoing assistance.”

Earning, building trust

Of the survey respondents, 23 percent weren’t sure why they do not work with a financial professional. Others said they prefer to make their own decisions (24 percent), and they feel financial professionals are too expensive (23 percent).

“These findings underscore the importance of earning and building participant’s trust,” said Whitehead. “To put clients at ease, financial professionals should clearly explain fee structures, the impact of not working with a financial professional and other basic concepts right up front. They need to dispel any misconceptions and keep consumers interested in learning and doing more.”

The 35 percent of respondents who do work with financial professionals share some traits. For example, 68 percent are more likely to have calculated their retirement income need; 53 percent are confident or very confident about maintaining their lifestyle through retirement; and sixty-eight percent of these respondents plan to continue to work with a financial professional through retirement.

“Knowing why individuals choose not to work with a financial professional and understanding the characteristics of those who do, will help us determine how to best reach out to consumers and address their concerns,” said Whitehead. “Being ready to explain the tangible benefits of working with a financial professional is critical in helping them reach retirement readiness.”




About the OneAmerica Participant Survey

This summary infographic provides survey methodology and additional insights.

About OneAmerica

OneAmerica Financial Partners, Inc. (, headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 years in the insurance and financial services marketplace.

OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.

The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.