According to new Kehrer Bielan research, the 25 largest bank broker dealers produced almost $22 billion in fixed and variable annuity premium last year, 57% of the total sold by all banks and credit unions.

The ten largest third party broker dealers, which support annuity and investment sales in 2,559 banks and credit unions, accounted for 38% of the total annuity premium sold through financial institutions. The remaining 4% was sold in the smaller bank broker dealers or the community banks and credit unions that work with the smaller third party broker dealers.

According to Kehrer Bielan research, when investing, 64% of households headed by a millennial say they "prefer to do most or all of the research and decision making." Just 37% of older households feel that way.

If the Robo Advisors will make headway with any demographic segment, it would seem to be millennials.