Distribution channels are converging as advisors reshape their practices. As old definitions become unreliable, new opportunities are emerging for carriers and distributors alike.
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.
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
Read the whitepaper to examine all 6 factors and navigate the changing landscape.
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.