Most importantly, we created a full turnkey back office support program—from product selection, point-of-sale support, application support, underwriting, ongoing servicing. This provides the advisory firm with full service, private label turnkey program of their new insurance offering that is part of your proprietary value proposition and firm capabilities.

Lastly, we work with insurance providers that increasingly are offering no commission insurance products to address fee only advisors or we can act on an outsourced basis to process the appropriate business with the referred client.    

Hortz: How is your firm and approach different than other IMO and brokerage general agencies?

Meyer: Our focus is 100% focused on supporting advisory firms and the RIA channel which is unique in our space. We understand their business and integrate into their process with client discovery documents and client conversations pieces that are focused on their firm culture, business processes and how to seamlessly integrate the insurance conversation into their practice. These carefully designed and specific client experience objectives differentiate us in the insurance marketplace. 

Hortz: How does all this relate to not “selling” insurance products?

Meyer: We typically start the engagement by collecting data about their clients’ current insurance portfolio (assuming they already have a policy). This approach allows us to conduct policy reviews and identify if their client is in a good position or they can enhance what they currently have. This approach is a “review” and doesn’t involve selling anything new but merely looking at their current risk profile.

Hortz: Can you explain how you used technology to help implement insurance solutions for advisory firms?

Meyer: As mentioned before the insurance process can be cumbersome and involve paper.  We have developed a paperless platform (Tick’It) for advisors to conduct all insurance transactions electronically with minimal effort from the advisor. This platform allows the advisor to track and view any opportunities we are working on for them. It has made conducting insurance business a seamless experience.

Hortz: Can you share with us what does success look like for advisory firms who make that jump?

Meyer: Our most successful partnerships are those that allow us to actually look at their clients and very strategically approach them with specific planning solutions. Proactively uncovering more financial needs and helping implement immediate solutions has only strengthened the client/family connection with the advisory firm that has led to engaging more family members, gaining more referrals and further building trust.