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Harnessing Growth: The LIMRA-EY Experienced Financial Advisor Study

Laura A. Murach, ACS, LLIF, FLMI; Patrick T. Leary, M.B.A., LLIF; Mark Hopkins; Karl Canty 10/17/2018

Distribution channels are converging as advisors reshape their practices. As old definitions become unreliable, new opportunities are emerging for carriers and distributors alike.

Summary

The many forces reshaping the financial services industry are causing advisors to step back, re-evaluate their business models, and rethink the value propositions they provide to clients. This is causing a convergence: distribution channels are growing more similar every day. Organizations must reexamine their assumptions, and align with the right practice models — regardless of old definitions — that match their capabilities and growth objectives.

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Key Findings

This research discovered 6 factors reshaping the advisor landscape, including

  • Convergence: convergence blurs traditional lines and intensifies competition
  • Technology: digital is essential and growing exponentially
  • Collaboration: teaming and practice support are integral for
    many advisors

Read the whitepaper to examine all 6 factors and navigate the changing landscape.

Methodology

To explore the needs and attitudes of financial professionals, EY and LIMRA jointly conducted an online quantitative survey of approximately 1,500 financial advisors from seven common insurance, investment, and advisory practice models. Respondents had a minimum of three years of sales experience in the industry and met minimum income thresholds for their practice models.

Reports in the Series

The Changing Face of Agency-Building Distribution

Jan 9, 2020

Have you noticed? Within agency-building distribution life insurance is not the dominant product it used to be and new advisor practice models are emerging. What are the implications for the future of this channel?

High-Performing Advisors: Drivers of Their High Margins

Jul 19, 2019

What characteristics and practices drive high-performing advisors?

The Multi-Line Agent Mindset (2019)

Jun 26, 2019

Learn how multiple-line exclusive agents feel about selling life insurance, company-provided leads, and their future.

Experienced Advisor Licenses and Designations

May 30, 2019

Interact with our data to compare advisor demographics and growth metrics across 7 different distribution channels.

Characteristics of High Net Income Advisors

May 30, 2019

What are the common characteristics of the most successful financial advisors and how can this information inform your distribution strategy?

Life Insurance in Investment Firms — What is the Opportunity?

Jan 28, 2019

Learn about the untapped potential for life insurance sales at investment firms.

RIA Insights: Identifying Opportunities for Life Insurance and Annuity Distribution in the RIA Channel

Feb 22, 2019

Gain a better understanding of the RIA channel to better align your products and support for market penetration and sales growth.

Related Research

The Art and Science of Wholesaling

To explore the current landscape and future of wholesaling, LIMRA surveyed wholesalers to learn about their activities, opinions, interactions with financial professionals, and perspectives on the future.

Advisors and Retirement — Income Planning and the Role of Annuities

Learn how investment advisors position annuities and provide retirement income planning to their clients.

2023 Insurance Barometer Study

The Insurance Barometer is an annual study that tracks the perceptions, attitudes, and behaviors of adult consumers in the United States, with a particular focus on life insurance.

Inside the Intermediary 3.0: A LIMRA-NAILBA Study – BGA and IMO Survey Results

LIMRA and NAILBA conducted the third annual study to learn more about BGAs and IMOs.

Choosing a Financial Professional: Consumer Perceptions

Learn which characteristics and methods are most important to consumers when choosing a financial professional.

Meet the Project Director

Laura A. Murach, ACS, LLIF, FLMI

Murach manages LIMRA’s insurance and investment intermediary/third-party distribution research program. She and her team conduct various research studies related to independent producers, wholesalers, and other distribution intermediaries including BGAs/IMOs, broker-dealers, wirehouses, and financial institutions. Murach also conducts advisor research and manages LIMRA’s Panel of Financial Professionals.

Murach is staff representative to LIMRA’s Wholesaler Leadership Summit and research liaison to LIMRA’s Independent Producer Marketing Committee and LIMRA’s Brokerage Committee. Murach is a graduate of Ithaca College and earned her LIMRA Leadership Institute Fellow (LLIF) designation in 2018.

Research Director, Distribution Research
LIMRA and LOMA
lmurach@limra.com


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