Mercer Global Advisors Inc. today launched an insurance solution as part of its Family Wealth Service Offering designed to provide clients with a "one-stop shop" for their financial wellness needs.
Mercer Advisors Insurance Solution, which expands Mercer Advisors’ holistic suite of services to help clients with their entire wealth plan, offers individuals and families the ability to protect their assets and accumulate wealth by adding insurance solutions – something that is currently a fragmented and cumbersome process for individuals and their advisors to manage alone, , according to a company announcement.
As defined by the CFP Board of Standards, advisory firms are expected to provide six aspects of the financial planning process – Basics of Financial Planning, Retirement Savings & Income Planning, Risk Management & Insurance Planning, Investment Planning, Tax & Estate Planning, and Education Planning – in order to truly provide comprehensive financial planning services.
But Mercer argues that many firms usually do not deliver on providing insurance planning due to the unique regulatory and product nature of providing insurance solutions. “While many RIAs and financial planners list insurance and risk management as services they provide, they typically do not have specialists on staff and most often refer clients out to third parties with no insight or control over the client experience,” the release said.
Mercer Advisors Insurance Solutions aims to fill that gap. The offering is supported by insurance specialists and will utilize a network of vetted strategic partners, the release said, adding that it includes comprehensive insurance services, from an initial risk assessment to determine coverage against financial goals, to product recommendations, and hands-on assistance throughout the underwriting and implementation process.
Insurance Solutions is intended to ensure that provider recommendations are based on rigorous analysis in line with a client’s personal financial plan, and all major insurance lines are available, including life, disability, long-term care, home, natural disaster, travel, valuables and cyber, according to Mercer Advisors.
Jeremiah Barlow, executive vice president and head of family wealth services at Mercer Advisors, said the insurance solution was developed based on feedback from their clients. “As a way to meet the evolving needs of our clients, we’ve created a clear, transparent and hassle-free insurance offering that can be integrated into a holistic financial plan. This is a critical addition to our offering because clients want the peace of mind that their family and assets are protected in a way that is inclusive of their broader financial goals, but they also need to simplify their lives,” he said.
“By adding a new additional dimension to traditional financial planning, we’re giving our clients the freedom to leave insurance in the hands of their trusted financial advisors to coordinate with insurance specialists. This gives them peace of mind that they’re getting a customized service and have all their financial needs taken care of in one place,” added Terry Bobo, director of insurance solutions at Mercer Advisors.
Denver, Colo-based Mercer Advisors, the parent company of Mercer Advisors Inc., which is majority owned by Oak Hill Capital and Genstar Capital, has more than $20 billion in client assets and more than 440 employees. It operates in more than 40-plus locations across the country.