A Wells Fargo & Company distribution unit will be using Saybrus Partners Inc. to help affiliated financial professionals sell life insurance.
Wells Fargo Advisors, St. Louis, an arm of Wells Fargo, San Francisco, manages a network of about 16,000 financial professionals. It includes Wells Fargo Advisors L.L.C. and Wells Fargo Advisors Financial Network L.L.C.
Saybrus Partners, Hartford, is the distribution arm of Phoenix Companies Inc., Hartford (NYSE:PNX).
Saybrus Partners will secure selling agreements with several carriers to supply Wells Fargo Advisors products, Saybrus Partners says.
The life insurers supplying the insurance products likely will include Pacific Life Insurance Company, Newport Beach, Calif.; John Hancock, Boston, a unit of Manulife Financial Corp., Toronto (TSX:MFC); Lincoln National Corp., Radnor, Pa. (NYSE:LNC); ING Groep N.V., Amsterdam (NYSE:ING); and AXA Equitable, New York, a unit of AXA S.A. Paris, according to Alice Ericson, a Phoenix representative.
Saybrus Partners will help the Wells Fargo advisors meet clients’ needs in the areas of business planning and estate planning as well as insurance planning, Ericson says.
Saybrus Partners is “structured to provide dedicated support to each of our clients,” Ericson says.
The team within Saybrus Partners that supports Wells Fargo Advisors is separate from the team that supports another major client, Edward D. Jones & Company L.P., St. Louis.
Saybrus Partners entered into a consulting agreement with Edward Jones in November 2009.
Phoenix formed Saybrus Partners in late 2009, to sell life insurance sales support services to outside companies as well as to support in-house distribution channels. Saybrus Partners provides both wholesaling and “assisted sale” services.