Demand for estate and trust services could soar over the next three years.
When a survey team asked life, health and annuity distributors to rate the growth prospects of eight life-and-health-related sectors, 26% listed estate and trust services as the leader.
Retirement income planning came second and was named the top near-term growth prospect by 22% of the participants, according to the survey report.
LIMRA and NAILBA, a Finseca community, conducted the survey from September 2023 through November 2023.
What it means: Aging clients may need less help with income planning in the coming years and more help with funeral planning, estate planning and charitable gift planning.
LIMRA and NAILBA: LIMRA is a financial services research consortium that's part of LL Global.
NAILBA — the group formerly known as the National Association of Independent Life Brokerage Agencies — represents independent life and annuity distributors. It become part of Finseca in 2022.
The survey: LIMRA and NAILBA have been conducting distributor surveys for the past three years. Their survey sample includes representatives from brokerage general agencies and independent marketing organizations.
