👋 Hey, What’s Your Name?

In Texas, 706 people named Kyle got together in a random field.

The plan was to break the world record for the largest gathering of people with one name.

Unfortunately, 2,325 Ivans once got together in 2017 – setting the record.

This was the second time the Kyles have come gunning for the Ivans – reaching 1,490 at last year’s “Gathering of the Kyles.”

Maybe someone should tell them that Kyle is only the 60th most common American male name.

But what do we know?

- Team Advisorist

In Today’s Issue 👇️ 

• One possible solution to the growing retirement savings gap

• MIT Study takeaways on ChatGPT

• What Burberry sales say about the economy

😬 The Retirement Savings Gap is Growing

The latest research shows the median retirement savings for Americans sits at just $87,000, a far cry from Northwestern Mutual’s ideal target of $1.46 million.

Even in the 65-74 age bracket – which has traditionally been retirement age – the median retirement savings is just $200,000.

At current rates, this means they can only live on roughly $10,000 per year (not accounting for Social Security).

Because of these numbers, it’s estimated that state and federal governments will need $1.4 trillion for public assistance costs by as early as 2040.

🤔 What is the Solution?

It’s no coincidence that the overall lack of retirement savings coincides with a surge in annuities market, which LIMRA reports hit $58.5 billion in the fourth quarter of last year before surging 13% year-over-year in the first quarter of this year.

While folks under the age of 50 still have plenty of time to close the retirement savings gap, those in older age brackets don’t have this luxury.

Thankfully, annuities are seeing increased adoption, which indicates it’s time for more advisors to start prioritizing them.

If you’ve been on the fence about offering annuities to clients, you’re not alone. According to a survey of advisors who don’t currently sell them, these are the major reasons why:

Interestingly, here are the top factors that would lead these same advisors to start selling annuities:

One thing is for certain: There’s a much greater demand (and NEED) from clients in 2024.

With retirement savings far behind schedule – and not a ton of time for most pre-retirees to catch up – annuities offer a compelling option.

As advisors, it’s up to us to recognize the need and adapt to the marketplace.

🤔 Agree or disagree? Reply to let us know!

Headline Roundup

🏠 Affecting Your Clients

• Millennials Are ‘Quiet Vacationing;’ Not Taking PTO [CNBC]

• 65% Say Inflation Has Made Their Financial Situation Worse [MW]

• Intergenerational Housing Seen as One Solution to Housing Affordability Crisis [MW]

📈 Markets & Economy 

• BTC ETFs Changing Risk-Reward Ratio for Institutional Investors [CD]

• S&P 500 and Nasdaq 100 Set All-Time Highs Early in Week [BZ]

• Oil Eases on Worries About US Inflation, Interest Rates [RTRS]

💼 Industry Roundup 

• Family Offices Are Becoming Prime Targets for Cyber Attacks [CNBC]

• Momentum Builds for ‘Most Significant’ Crypto Law in History [MS]

• Google to Let Companies Use 3D Images in AI-Generated Ads [CNBC]

🤖 MIT Study: ‘Chat GPT Increases Productivity’

Still skeptical about ChatGPT and its potential?

A new research study out of MIT makes a pretty good case for the tool’s usefulness in driving productivity. 

The team analyzed 444 white collar workers performing writing and editing tasks related to marketing, HR, and data analysis.

Participants were split into two groups: One that used ChatGPT and one that did not.

After performing assignments, their work was graded by evaluators who analyzed for speed and quality.

The goal was to see if ChatGPT was a help, hindrance, or had no impact.

The results were pretty eye-opening.

“The ChatGPT using group was 37% faster at completing tasks (17 minutes to complete vs. 27 minutes) with roughly similar grades, and as the workers repeated their tasks for improvement the ChatGPT group’s quality went up significantly faster,” the report explains. 

In other words, ChatGPT made the work faster without any dip in quality.

We’re curious – how have you used ChatGPT (or other AI tools) to increase your productivity as an advisor?

Hit “reply” and let us know.

🗓️ Upcoming Industry Event Calendar

Today at 12pm EST / 9am PST: The Virtual Advisor Power Hour

On today’s Power Hour, discover how to connect with business owners and generate recurring streams of revenue for your practice – potentially worth 10s of thousands of dollars per month.

👉️ Click to register for free!

🧮 By the Numbers

40%

That’s the percentage drop in luxury retailer Burberry’s year-over-year profits, signaling a major drop-off in spending among America’s wealthy.

LVMH Moët Hennessy Louis Vuitton (LVHM), a luxury brand conglomerate, has also mentioned that demand for high-end liquors has declined sharply in the U.S.

✌️Good Vibes

In Norfolk, VA, a single mom’s life got a big boost when her boss gifted her a new vehicle after discovering she didn’t have one.

After realizing Brettne Brownson been relying on Uber to get to work – and never showing up late or making an excuse – Latavia Bennette gifted her the brand new SUV.

It’s changed everything for Brettne.

Asked why she would do such a kind thing, Latavia admitted…

“I had moments where I didn’t feel valued where I was at, so when I opened up my company that was something that was very important to me.”

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Plus, you earn rewards. Sweet.