AIA New Zealand is set to launch a new wealth management arm, AIA Wealth, which will see the release later this year of a new annuity product offer for New Zealanders.
Speaking at the recent AIA Summit, Chief Product & Marketing Officer Ben Lovelock told the 200 advisers at the event that the “Income for Life” annuity represents the company’s move beyond protection into a broader financial wellbeing proposition.
He noted later in his address that for advisers “…it’s an opportunity to extend relationships and continue delivering value beyond traditional protection conversations.”
…financial wellbeing isn’t only about protecting what people have, but planning for what comes next…
Lovelock explained that financial wellbeing isn’t only about protecting what people have, but planning for what comes next, pointing to a significant opportunity across New Zealand as people live longer, with those aged 65+ becoming the fastest growing demographic in New Zealand.
“Yet many still face challenges accessing guidance and suitable savings and retirement product solutions, both when saving and when it comes to turning those savings into lifelong financial outcomes.”
Lovelock said AIA Wealth is a holistic approach “…built around a simple idea – how do we help customers move from protection to financial freedom?”
“Our vision is to support customers through every stage of life. When you look at wider customer needs, protection is just one part of a customer’s financial journey.”
He pointed to wealth accumulation, where clients are trying to maximise their income and earning potential during their working years. And they reach retirement where wealth decumulation starts.
“Our first step on that journey is retirement income solutions. Specifically, annuities: What we are calling ‘Income for life’. Annuities can provide dependable and predictable income streams that help create confidence and certainty in retirement. For customers, that can mean greater peace of mind,” he said.
Also see: Advisers Gather for AIA NZ Built for Better Summit.
