Lynnfield, Mass.-based Investors Capital, which now has more than 700 advisors in its independent network, has rolled out health-care plans to improve recruiting and retention.
The reception from existing brokers, new brokers and potential brokers has been “overwhelming,” according to Tim Murphy, president of the BD. “We’ve hit the mark and are continuing to promote this program,” he says.
The health plans, administered by Blue Cross Blue Shield PPO, are helping the company keep its competitive edge in recruiting, Murphy shares. But the health plans and related benefits do more than that, he continues. “They show advisors that we are offering them the total package of benefits.”
This should help the BD continue to attract advisors with more than $225,000 a year in annual gross production, he expects. It can also boost morale with existing advisors, who generally have yearly commissions, fees and other sales of $130,000 and up.
“We hope we’re the first, or at least, one of the first [non-affiliated broker-dealers] to do this,” Murphy explains. “And judging from the success, we won’t be alone for long.”
The broker dealer has about 25 families signed up for the health-care plans, which are designed to save families about 15 percent to 20 percent on premiums. Another 15 or so families are expected to sign up soon.