We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • If You’re a Broker-Dealer: Yes, You Do Need Life

    May 5, 2018 by Kenneth A. Shapiro

    Why should broker dealers bother having advisors market life insurance products?

    If this is the question, it’s the right one.

    No matter how you look at it, you may have more than enough on your plate now, so why get involved with life insurance, particularly when the product line is so different from what your advisors do every day? On top of that, it may be just too much for them to handle.

    Click HERE to read the full story via ThinkAdvisor.

    If this is what you’re thinking, it’s understandable. But before throwing the life insurance idea overboard, wait just a moment. There may be more to the story that’s worth considering. Start with these facts:

    • The once clearly distinct and separate product distribution channels are fast disappearing. And for good reason. Today’s (and certainly tomorrow’s) customers demand simplicity and convenience and that means one-stop shopping, including insurance as part of the plan.
    • Advisors can benefit from having a portfolio of products that allows them to offer clients integrated financial planning services, including life insurance since it’s a core component of a client’s plan. In other words, marketing life insurance is germane to their work as advisors.

    Although it may be useful to consider the benefits of advisors marketing life insurance products to their clients, what about the broker-dealer? If life insurance sales are to make sense, benefits must accrue to the broker-dealer. Here are some of the possibilities life insurance offers:

    • Do more business without adding to your advisors’ work load. In reviewing financial information with clients, advisors recognize those who need life insurance or who are inadequately covered. Then, with a brokerage agency as a member of the team, the work gets done.
    • Help retain productive advisors. Replacing top advisors can be costly. An effective way to increase their satisfaction is to give them the opportunity to increase their revenue in a way that’s closely aligned with their normal client activity and that doesn’t require a steep learning curve.
    • Give your advisors an extra edge. Quite often, when clients ask advisors about life insurance, they send them to someone they who can help them. Think about that. If clients have a trusting relationship with an advisor, why send them to someone they don’t know? Instead, how much better it would be if the advisor were to say, “That’s not a problem, I can help you with that.”
    • Put another leg on your business platform. This is the value of having an additional product line, such as life insurance, that fits into serving clients’ wealth needs. But that’s not all. It can also be an effective way to protect your firm’s revenue stream and retain advisors and their clients by coming up with solutions that help keep competitors away.
    • Attract and retain clients who want one-stop shopping. An effective way to stay ahead of the client satisfaction curve is do what banks have made a top priority: finding more ways to get their arms around their customers. Customers were taking money out of their accounts and buying financial products from firms such as yours. For example, one-stop shopping is increasingly important to Millennials, who want simplicity and convenience along with a personal relationship with their advisors.

    On choosing and working with a life insurance partner

    You might agree that offering clients life insurance products can benefit your advisors, their clients, and your firm. But, like any other business relationship, you want to be comfortable with a brokerage agency partner. Because trust based on competence, performance, and customer service is essential, it’s best to move carefully, including performing your due diligence.

    How do you go about choosing a brokerage agency? It’s a critical issue since your brokerage agency is responsible for bringing cases to a successful close. They come in all sizes, from those with a small staff to others with departments and professionals with in-depth experience and capabilities for working with even the most difficult cases. Some brokerage agencies are transaction-oriented and work with more basic cases, while others have the underwriting resources for designing life insurance solutions involving difficult situations.

    What should you expect from a brokerage agency? You want to feel comfortable with a brokerage agency that’s small enough so your business receives proper attention and large enough to have the resources necessary to perform in a timely and efficient manner. It should also be doing business with a broad range of highly rated insurance companies.

    What type of support will the brokerage agency provide your advisors? A relationship manager, an experienced life insurance professional, is the primary contact and the one who oversees cases, gets proposals, answers questions, coaches, and keeps everyone informed so the process moves smoothly and satisfies your clients.

    The right brokerage agency recognizes that marketing life insurance must complement and add value to a broker dealer’s primary business. It does this best when it operates in the background and delivers products that serve the clients’ best interests.

    Originally Posted at ThinkAdvisor on May 4, 2018 by Kenneth A. Shapiro.

    Categories: Industry Articles
    currency