Insurance providers invest heavily to work with financial advisors, building extensive sales, marketing, service, training, product development, and operational efforts to support the distribution of solutions such as variable annuities, income annuities, life insurance, and long term care. While many advisors fully embrace insurance, others are more resistant to offering these solutions. Advisors are facing new challenges given the complex external environment as well as shifting needs, expectations, and anxieties of baby boomers and subsequent generations. Insurance providers may be well suited to work more expansively with advisors to help satisfy retail clients and better position these individuals to achieve their goals.
This 96-page report offers detailed data driven insights on how advisors perceive and use insurance solutions, the ways they select providers and products, the importance of various aspects of how insurers support advisors, and what may be missing from the assistance insurance providers offer. The report is based on proprietary research completed in March 2017 with input from over 600 advisors including those affiliated with RIAs, independent brokers, and wirehouse, national, and regional firms.
Key Topic Areas
Key Metrics on Advisors and Delivery of Insurance Products
How Advisors Engage with Insurance Providers and Products
Insurance Company Support to Advisors
To Order the Report
The study is available in PDF format for the subscription price of $5,250. To order the complete 96- page, 54 exhibit report or for more information, please contact:
Howard Schneider, 978-590-7290 or email howard.schneider@practicalperspectives.com
Introduction and Methodology
Insurance companies rely extensively on financial advisors for distributing annuities, life policies, and other insurance products. These providers expend significant resources on product development, sales support, marketing, service, and operations to leverage advisors as a core distribution partner. While many advisors embrace the use of insurance products, others are less engaged if not resistant to offering and recommending these solutions.
Our goal in this report is to offer a deep, data driven view that examines how advisors work with insurance firms and to identify ways that providers can more effectively engage with different types of advisors. This in-depth report combines distinct research insights with practical, consulting oriented analysis. The report is designed and written to provide relevant and actionable information for insurance companies and distributors that are interested in understanding advisor decision processes, preferences, and needs related to providers and products. This report provides insights from the singular perspective of advisors working directly with retail investors.
“What Advisors Want from Insurance Providers – 2017” examines advisor attitudes and behaviors regarding insurance solutions. Among the topics explored in detail are how advisors make decisions on which providers and products to use, characteristics of insurance firms that advisors prefer to do business with, key needs of advisors in working with insurers, and what changes or enhancements are most desired by advisors. It also provides a detailed look at how advisor behaviors and preferences differ by channel to enable providers to craft and implement more targeted, relevant, and effective support.
Among the key questions addressed in this report are:
This report is based on input from a randomly selected cross-section of advisors across key channels including wirehouse, regional, independent, and RIAs. In March 2017, advisors were asked to participate in an on-line survey. More than 600 advisor responses were used as the basis for this report. Advisors did not receive any compensation for participation in the survey. Key findings in the report are provided for the complete sample as well as for the largest distribution channels – Full Service broker-dealers (wirehouse, national, and regional), Independent broker-dealers, and RIAs (not affiliated with a broker-dealer).
Table of Contents
Section I: Executive Summary
Section II: Introduction and Methodology
Section III: Key Metrics on Advisors Use of Insurance Solutions
A. How significant a priority is it for advisors to recommend or offer insurance solutions to clients?
B. How widely used are insurance solutions?
C. How significant are insurance-related revenues to an advisors practice?
D. To what extent do advisors have access to insurance providers and solutions and how many do they typically use?
E. Which categories of insurance solutions do advisors use most?
F. How has advisor use of key insurance solutions changed in the past 12 months?
Section IV: Engaging with Insurance Providers and Solutions
A. What are key challenges for advisors in considering and using insurance solutions?
B. What are the main drivers of offering or recommending insurance solutions to clients?....
C. How do advisors typically select the insurance solutions they offer or recommend to clients?
D. What sources do advisors rely on most for support in selecting the insurance products they offer or recommend?
E. How do clients typically access insurance solutions offered or recommended by advisors?
F. What are the characteristics of insurance providers that advisors are most likely to offer or recommend?
G. To what extent do various factors influence advisor decisions on which insurance products to offer or recommend to clients?
H. For which client needs do advisors desire additional insurance solutions?
I. Which insurance providers deliver the most positive overall experience and useful support to advisors?
Section V: Insurance Company Support to Advisors
A. Which aspects of support from insurance providers are most important to advisors?
B. How satisfied are advisors with various aspects of support they receive from insurance providers?
C. What aspects of customer service and back office support are most important to advisors?
D. What aspects of product training and support are most important to advisors?
E. What aspects of wholesaling and sales support are most important to advisors?
F. What aspects of value add and practice management support are most important to advisors?
G. What aspects of web-based and digital support are most important to advisors?
H. What changes would improve advisor satisfaction with insurance providers and solutions?
I. What is the most important thing insurance providers can do to better support advisors?...
Section VI: Profile of Survey Respondents
Section VII: Implications and Outlook
List of Exhibits
Exhibit 1: Priority to Recommend or Offer Insurance Solutions
Exhibit 2: Priority to Recommend or Offer Insurance Solutions by Channel
Exhibit 3: Licensed for Insurance Products
Exhibit 4: Percent of Clients with Insurance Solutions Resulting from Advisor Offering or Recommending
Exhibit 5: Percent of Clients with Insurance Solutions Resulting from Advisor Offering or Recommending by Channel
Exhibit 6: Percent of Revenues Generated in Past 12 Months from Recommending or Offering Insurance Solutions
Exhibit 7: Percent of Revenues Generated in Past 12 Months from Recommending or Offering Insurance Solutions by Channel
Exhibit 8: Access to Insurance Providers and Solutions
Exhibit 9: Access to Insurance Providers and Solutions by Channel
Exhibit 10: Number of Insurance Providers Used
Exhibit 11: Number of Insurance Providers Used by Channel
Exhibit 12: Extent Advisors Offer or Recommend Key Categories of Insurance Solutions
Exhibit 13: Extent Advisors Offer or Recommend Key Categories of Insurance Solutions by Channel
Exhibit 14: Change in Offering or Recommending Insurance Solutions in Past 12 Months
Exhibit 15: Increase in Offering or Recommending Insurance Solutions in Past 12 Months by Channel
Exhibit 16: Decrease in Offering or Recommending Insurance Solutions in Past 12 Months by Channel
Exhibit 17: Key Challenges for Advisors in Offering and Recommending Insurance Solutions
Exhibit 18: Significant Challenges for Advisors in Offering and Recommending Insurance Solutions by Channel
Exhibit 19: Main Drivers of Recommending Insurance Solutions
Exhibit 20: Main Drivers of Recommending Insurance Solutions by Channel
Exhibit 21: Advisors Preferred Approach to Selecting an Insurance Provider
Exhibit 22: Advisors Preferred Approach to Selecting an Insurance Provider by Channel
Exhibit 23: Sources Relied on by Advisors in Selecting Insurance Products
Exhibit 24: Sources Relied on by Advisors in Selecting Insurance Products by Channel
Exhibit 25: How Clients Typically Access Insurance Solutions Offered or Recommended by Advisors
Exhibit 26: How Clients Typically Access Insurance Solutions Offered or Recommended by Advisors by Channel
Exhibit 27: Characteristics of Insurance Providers Most Likely to Offer or Recommend
Exhibit 28: Characteristics of Insurance Providers Most Likely to Offer or Recommend by Channel
Exhibit 29: Factors Influencing Insurance Product Decisions
Exhibit 30: Factors Influencing Insurance Product Decisions by Channel
Exhibit 31: Client Needs Requiring Additional Insurance Solutions
Exhibit 32: Client Needs Requiring Additional Insurance Solutions by Channel
Exhibit 33: Most Frequently Mentioned Insurance Providers Offering Best Overall Experience and Useful Support
Exhibit 34: Most Frequently Mentioned Insurance Providers Offering Best Overall Experience and Useful Support by Channel
Exhibit 35: Most Important Aspects of Support from Insurance Providers
Exhibit 36: Most Important Aspects of Support from Insurance Providers by Channel
Exhibit 37: Satisfaction with Support from Insurance Providers
Exhibit 38: Very Satisfied with Support from Insurance Providers by Channel
Exhibit 39: Most Important Aspects of Customer Service and Back Office Support
Exhibit 40: Most Important Aspects of Customer Service and Back Office Support by Channel
Exhibit 41: Most Important Aspects of Product Training and Support
Exhibit 42: Most Important Aspects of Product Training and Support by Channel
Exhibit 43: Most Important Aspects of Wholesaling and Sales Support
Exhibit 44: Most Important Aspects of Wholesaling and Sales Support by Channel
Exhibit 45: Most Important Aspects of Value Add and Practice Management Support
Exhibit 46: Most Important Aspects of Value Add and Practice Management Support by Channel
Exhibit 47: Most Important Aspects of Web-based and Digital Support
Exhibit 48: Most Important Aspects of Web-based and Digital Support by Channel
Exhibit 49: Changes to Improve Satisfaction with Insurance Providers and Solutions
Exhibit 50: Changes to Improve Satisfaction with Insurance Providers and Solutions by Channel
Exhibit 51: Profile of Respondents by Key Characteristics
Exhibit 52: Insurance Enthusiasts by Key Categories of Insurance Products
Exhibit 53: Insurance Enthusiasts by Characteristics of Providers Most Likely to Recommend or Offer
Exhibit 54: Insurance Enthusiasts by Number of Insurance Providers Used in Past 12 Months
This 96-page report offers detailed data driven insights on how advisors perceive and use insurance solutions, the ways they select providers and products, the importance of various aspects of how insurers support advisors, and what may be missing from the assistance insurance providers offer. The report is based on proprietary research completed in March 2017 with input from over 600 advisors including those affiliated with RIAs, independent brokers, and wirehouse, national, and regional firms.
Key Topic Areas
Key Metrics on Advisors and Delivery of Insurance Products
- How much of a priority is it for advisors to offer insurance?
- How engaged are advisors with insurance as measured by clients served and revenues generated?
- How widespread is advisor access to insurance solutions and how concentrated is their use of providers?
- Which key categories of insurance products do advisors use most typically and how has this changed in the past year?
How Advisors Engage with Insurance Providers and Products
- Which aspects of offering insurance are most challenging to advisors?
- How do advisors typically select the insurance providers and products they use and what sources do they rely on most?
- What are the characteristics of the insurance providers that advisors are most likely to use?
- To what extent do various factors influence advisors in selecting the insurance products they recommend?
- Which specific providers offer advisors the best overall experience and most useful support?
Insurance Company Support to Advisors
- Which aspects of support from insurance providers are most important and how satisfied are advisors with support?
- Which elements of support from insurers related to service/back office support, wholesaling/sales support, product training, web-based support, and value add assistance are most important to advisors?
- What changes do advisors want from insurance providers and which are most critical to advisors?
To Order the Report
The study is available in PDF format for the subscription price of $5,250. To order the complete 96- page, 54 exhibit report or for more information, please contact:
Howard Schneider, 978-590-7290 or email howard.schneider@practicalperspectives.com
Introduction and Methodology
Insurance companies rely extensively on financial advisors for distributing annuities, life policies, and other insurance products. These providers expend significant resources on product development, sales support, marketing, service, and operations to leverage advisors as a core distribution partner. While many advisors embrace the use of insurance products, others are less engaged if not resistant to offering and recommending these solutions.
Our goal in this report is to offer a deep, data driven view that examines how advisors work with insurance firms and to identify ways that providers can more effectively engage with different types of advisors. This in-depth report combines distinct research insights with practical, consulting oriented analysis. The report is designed and written to provide relevant and actionable information for insurance companies and distributors that are interested in understanding advisor decision processes, preferences, and needs related to providers and products. This report provides insights from the singular perspective of advisors working directly with retail investors.
“What Advisors Want from Insurance Providers – 2017” examines advisor attitudes and behaviors regarding insurance solutions. Among the topics explored in detail are how advisors make decisions on which providers and products to use, characteristics of insurance firms that advisors prefer to do business with, key needs of advisors in working with insurers, and what changes or enhancements are most desired by advisors. It also provides a detailed look at how advisor behaviors and preferences differ by channel to enable providers to craft and implement more targeted, relevant, and effective support.
Among the key questions addressed in this report are:
- To what extent is it a priority for advisors to offer insurance solutions?
- How engaged are advisors with insurance solutions as measured by clients served and revenues generated?
- How expansive is advisor access to insurance solutions and how concentrated is their use of these products across providers?
- Which key categories of insurance solutions do advisors typically offer or recommend to clients and how has this changed in the past year?
- What are the key challenges for advisors in distributing insurance products?
- What are the main drivers of recommending insurance to clients?
- How do advisors select the insurance providers they rely on including what key sources influence the decision process?
- What are the characteristics of insurance providers that advisors prefer to use?
- What factors influence advisor decision-making on insurance products?
- What additional support from insurance providers do advisors want and need?
- Which specific firms are recognized for delivering the best overall experience and support to advisors?
- What areas of support from insurance providers are most important to advisors and how satisfied are advisors with this support?
- What do advisors view as the most important aspects of support from insurance providers related to key functions – service and back office support, wholesaling and sales support, product training, value add and practice management, and web-based and digital support?
- What are the most important things insurance providers can do to support advisors?
This report is based on input from a randomly selected cross-section of advisors across key channels including wirehouse, regional, independent, and RIAs. In March 2017, advisors were asked to participate in an on-line survey. More than 600 advisor responses were used as the basis for this report. Advisors did not receive any compensation for participation in the survey. Key findings in the report are provided for the complete sample as well as for the largest distribution channels – Full Service broker-dealers (wirehouse, national, and regional), Independent broker-dealers, and RIAs (not affiliated with a broker-dealer).
Table of Contents
Section I: Executive Summary
Section II: Introduction and Methodology
Section III: Key Metrics on Advisors Use of Insurance Solutions
A. How significant a priority is it for advisors to recommend or offer insurance solutions to clients?
B. How widely used are insurance solutions?
C. How significant are insurance-related revenues to an advisors practice?
D. To what extent do advisors have access to insurance providers and solutions and how many do they typically use?
E. Which categories of insurance solutions do advisors use most?
F. How has advisor use of key insurance solutions changed in the past 12 months?
Section IV: Engaging with Insurance Providers and Solutions
A. What are key challenges for advisors in considering and using insurance solutions?
B. What are the main drivers of offering or recommending insurance solutions to clients?....
C. How do advisors typically select the insurance solutions they offer or recommend to clients?
D. What sources do advisors rely on most for support in selecting the insurance products they offer or recommend?
E. How do clients typically access insurance solutions offered or recommended by advisors?
F. What are the characteristics of insurance providers that advisors are most likely to offer or recommend?
G. To what extent do various factors influence advisor decisions on which insurance products to offer or recommend to clients?
H. For which client needs do advisors desire additional insurance solutions?
I. Which insurance providers deliver the most positive overall experience and useful support to advisors?
Section V: Insurance Company Support to Advisors
A. Which aspects of support from insurance providers are most important to advisors?
B. How satisfied are advisors with various aspects of support they receive from insurance providers?
C. What aspects of customer service and back office support are most important to advisors?
D. What aspects of product training and support are most important to advisors?
E. What aspects of wholesaling and sales support are most important to advisors?
F. What aspects of value add and practice management support are most important to advisors?
G. What aspects of web-based and digital support are most important to advisors?
H. What changes would improve advisor satisfaction with insurance providers and solutions?
I. What is the most important thing insurance providers can do to better support advisors?...
Section VI: Profile of Survey Respondents
Section VII: Implications and Outlook
List of Exhibits
Exhibit 1: Priority to Recommend or Offer Insurance Solutions
Exhibit 2: Priority to Recommend or Offer Insurance Solutions by Channel
Exhibit 3: Licensed for Insurance Products
Exhibit 4: Percent of Clients with Insurance Solutions Resulting from Advisor Offering or Recommending
Exhibit 5: Percent of Clients with Insurance Solutions Resulting from Advisor Offering or Recommending by Channel
Exhibit 6: Percent of Revenues Generated in Past 12 Months from Recommending or Offering Insurance Solutions
Exhibit 7: Percent of Revenues Generated in Past 12 Months from Recommending or Offering Insurance Solutions by Channel
Exhibit 8: Access to Insurance Providers and Solutions
Exhibit 9: Access to Insurance Providers and Solutions by Channel
Exhibit 10: Number of Insurance Providers Used
Exhibit 11: Number of Insurance Providers Used by Channel
Exhibit 12: Extent Advisors Offer or Recommend Key Categories of Insurance Solutions
Exhibit 13: Extent Advisors Offer or Recommend Key Categories of Insurance Solutions by Channel
Exhibit 14: Change in Offering or Recommending Insurance Solutions in Past 12 Months
Exhibit 15: Increase in Offering or Recommending Insurance Solutions in Past 12 Months by Channel
Exhibit 16: Decrease in Offering or Recommending Insurance Solutions in Past 12 Months by Channel
Exhibit 17: Key Challenges for Advisors in Offering and Recommending Insurance Solutions
Exhibit 18: Significant Challenges for Advisors in Offering and Recommending Insurance Solutions by Channel
Exhibit 19: Main Drivers of Recommending Insurance Solutions
Exhibit 20: Main Drivers of Recommending Insurance Solutions by Channel
Exhibit 21: Advisors Preferred Approach to Selecting an Insurance Provider
Exhibit 22: Advisors Preferred Approach to Selecting an Insurance Provider by Channel
Exhibit 23: Sources Relied on by Advisors in Selecting Insurance Products
Exhibit 24: Sources Relied on by Advisors in Selecting Insurance Products by Channel
Exhibit 25: How Clients Typically Access Insurance Solutions Offered or Recommended by Advisors
Exhibit 26: How Clients Typically Access Insurance Solutions Offered or Recommended by Advisors by Channel
Exhibit 27: Characteristics of Insurance Providers Most Likely to Offer or Recommend
Exhibit 28: Characteristics of Insurance Providers Most Likely to Offer or Recommend by Channel
Exhibit 29: Factors Influencing Insurance Product Decisions
Exhibit 30: Factors Influencing Insurance Product Decisions by Channel
Exhibit 31: Client Needs Requiring Additional Insurance Solutions
Exhibit 32: Client Needs Requiring Additional Insurance Solutions by Channel
Exhibit 33: Most Frequently Mentioned Insurance Providers Offering Best Overall Experience and Useful Support
Exhibit 34: Most Frequently Mentioned Insurance Providers Offering Best Overall Experience and Useful Support by Channel
Exhibit 35: Most Important Aspects of Support from Insurance Providers
Exhibit 36: Most Important Aspects of Support from Insurance Providers by Channel
Exhibit 37: Satisfaction with Support from Insurance Providers
Exhibit 38: Very Satisfied with Support from Insurance Providers by Channel
Exhibit 39: Most Important Aspects of Customer Service and Back Office Support
Exhibit 40: Most Important Aspects of Customer Service and Back Office Support by Channel
Exhibit 41: Most Important Aspects of Product Training and Support
Exhibit 42: Most Important Aspects of Product Training and Support by Channel
Exhibit 43: Most Important Aspects of Wholesaling and Sales Support
Exhibit 44: Most Important Aspects of Wholesaling and Sales Support by Channel
Exhibit 45: Most Important Aspects of Value Add and Practice Management Support
Exhibit 46: Most Important Aspects of Value Add and Practice Management Support by Channel
Exhibit 47: Most Important Aspects of Web-based and Digital Support
Exhibit 48: Most Important Aspects of Web-based and Digital Support by Channel
Exhibit 49: Changes to Improve Satisfaction with Insurance Providers and Solutions
Exhibit 50: Changes to Improve Satisfaction with Insurance Providers and Solutions by Channel
Exhibit 51: Profile of Respondents by Key Characteristics
Exhibit 52: Insurance Enthusiasts by Key Categories of Insurance Products
Exhibit 53: Insurance Enthusiasts by Characteristics of Providers Most Likely to Recommend or Offer
Exhibit 54: Insurance Enthusiasts by Number of Insurance Providers Used in Past 12 Months
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