Descriptions of what makes an appropriate investor for a given product are a useful, but underutilized complement to product details. Especially with products as complex and controversial as variable annuities, prospective clients could use extra indication if it could be right for them. However, only six of the Annuity Monitor websites have consistently included such details with product information. One of the best examples comes from Vanguard, which provides specific “Who Should Invest” pages for products such as the Vanguard Variable Annuity. A concise list suggests the goals, minimum investment amounts and other tax and savings characteristics that the product fits. Fidelity, ING, John Hancock, Lincoln and Mass Mutual as well all specifically address such criteria within product information.

However, starting in November, we noticed Annuity Monitor firms beginning to take a much more personal approach, using case studies of individual investors to help prospective clients match their goals and requirements with prototypical examples. Lincoln Financial Group and MetLife both made investor profiles prominent parts of revamped public site educational resources. For instance, MetLife presents Tom and Joy, a couple in their mid-40s saving for retirement – one of five annuity-focused case studies. The profile goes on to mention their work status, assets and concerns, and explains the pertinent advantages of the Preference Plus Select variable annuity. With both firms’ additions, increased color and imagery highlight the promotional appeal of the profiles; product links and financial advisor resources are prominently posted to help firms capitalize.

More recently, investor profiles have been further enhanced by AXA Equitable and Merrill Lynch. Both firms introduced Flash-based videos featuring satisfied clients. They briefly describe their objectives, challenges and the people and products that assisted them. While more elaborate and compelling than static profiles of hypothetical people, as marketing tools these testimonials do have potential drawbacks. Along with its Success Stories profiles, Merrill Lynch provides extensive Related Articles, Tools, and, most importantly, Solutions, the products and services that prospects can research for further information. However, AXA’s Real Life Stories testimonials are not accompanied by any product specific links. While improving the presentation of suitability information can be achieved in various ways, it is important not to lose sight of the overarching goal of this information – to connect prospects with an appropriate suite of products for their goals and needs.