Life insurance and financial specialist

May 16, 2019

  1. TYrade
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    TYrade New Member

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    Is anyone familiar with some positions that partnered with agents to sell life insurance and financial accounts to clients? I have heard about these positions at a number of firms in the past (Allstate, State Farm, Ameriprise, Northwestern Mutual) and am wondering what kind of value these positions could bring to an agent. Would appreciate thoughts or direction on where to get more information.
     
    TYrade, May 16, 2019
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  2. adjusterjack
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    adjusterjack Guru

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    What do you mean by "positions"?

    What do you mean by "financial accounts"?
     
  3. TYrade
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    TYrade New Member

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    By positions I mean individuals in roles to support agents/reps with their production by working with existing clients and new prospects. Financial accounts would be IRAs, managed accounts, educational savings accounts and mutual funds.
     
    TYrade, May 17, 2019
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  4. adjusterjack
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    adjusterjack Guru

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    In other words, you want to work in an agency with someone with a securities license where you can sell insurance to his investment clients and he can sell investments to your insurance clients?
     
  5. TYrade
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    TYrade New Member

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    Well, not me, but wondering about a role that could partner with reps to help reps answer more client needs by looking for opportunities in their book and then splitting the commissions from those sales. Some reps are comfortable with life insurance and not financial accounts and some vice versa, so this role could possibly help the rep offer more solutions to their clients.
     
    TYrade, May 17, 2019
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  6. Chillin
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    Chillin New Member

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    A securities rep could not split commissions with a non licensed rep.
     
    Chillin, May 17, 2019
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  7. adjusterjack
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    Ditto the insurance agent.
     
  8. TYrade
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    TYrade New Member

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    Yes, you are both correct by split life with insurance agent (especially if agent focuses on P&C) and split life and financial accounts with registered rep. Wondering if any firms have these specialist positions and what the experience has been.
     
    TYrade, May 17, 2019
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  9. DHK
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    DHK Guru

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    First, I'm assuming you're not talking about a regional product representative for the home office. I know MassMutual had quite a few - life specialist, DI/LTC specialist, etc. But they weren't in the office, but they did make regular visits to the agency.

    This would probably describe the Ameriprise and Northwestern Mutual agency systems:

    Some producers become specialists in a niche product or niche market area. When they have proven production and track record in that area, they can be labeled in the agency as the "agency specialist". This helps the new agent to not say no to potential business because someone in the office can handle it (on a favorable commission split basis) and bring the necessary expertise so the agency can have the business. I would assume that everyone in the office is at least insurance licensed, and is an additional reason for every agent to get their Series 6 & 63 quickly so they can split securities business. OR there's a reciprocal renumeration through indirect business to compensate the life-only agent back for securities commissions generated.

    This also helps a new agent to say "It's not about the best plan that *I* can design for you, but the best plan that my entire agency and firm can design for you.". Helps a bit for any lack of confidence on the part of a new agent.

    These specialists are still agents on their own with their own production requirements to meet, but it does make it easier to market yourself to new agents and generate additional business through THEIR prospecting efforts.

    Now, the State Farm and Allstate hire separate representatives to work with multiple agents to "mine their book" for additional sales, so this would work very differently than what I already described.
     
    DHK, May 17, 2019
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  10. TYrade
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    DHK, Thank you for the information - this is very helpful
     
    TYrade, May 20, 2019
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