Private Advisor Group, LPL Financial’s largest branch office and a $5B RIA, launched an Advisor Protection Program that is available to any advisor within Private Advisor Group and will pay their beneficiary 2x’s their trailing 12 month advisory revenue should the advisor die.
According to Patrick Sullivan, managing director of the company, they have found that many advisors don’t have a buy-sell agreement in place. “We wanted to create a program that helps our advisors and their clients in the event of an advisor’s death,” he said.
The program provides the advisor with extra time to determine what his or her longer term succession plan will be. “We are really trying to help our advisors that don’t have any protection or plan in place,” Sullivan said.
Digital Benefit Advisors strengthens N.C. footprint with new partnerships
Digital Benefit Advisors (DBA), a division of Digital Insurance, in North Carolina has increased its market share through a recent acquisition, two new partnerships and by enrolling thousands in its private exchange, Digital Benefits Marketplace. DBA acquired Forrester & Associates Insurance and established partnerships as the exclusive benefits provider with Raleigh-based First Citizens Bank and Watkins Financial Group.
Even though Digital Benefits Marketplace was launched last October, the concept has been very popular with North Carolina businesses striving to find alternatives to address rising benefits costs. The program enables employers to fix costs through a defined contribution and provides greater choice for employees, allowing members to choose the benefits they personally want and need.
First Citizens Bank, headquartered in Raleigh and has 400 branches in 17 states and Washington, D.C., selected DBA as a partner to offer comprehensive insurance options and benefit programs for employers and individuals in North Carolina, Tennessee, Virginia and West Virginia.
The Life Insurance Settlement Association (LISA) is welcoming producers and advisors under a new membership category designed to help them expand access to resources in the life settlement. According to a press release, millions of baby boomers hold hundreds of billions of dollars of life insurance that could become life settlements, but many seniors often experience unexpected changes that alter their priorities regarding life insurance.
The expanded membership category offers education tools and resources to advisors in a broad array of areas to include professional networking, legal compliance, legislation and regulation, industry news, and more.
And, for the first time, the association is hosting an exclusive advisor track at its 20th Fall Conference at the Omni Scottsdale Resort & Spa at Montelucia on October 7th, 2014. For more information, please visit their event website here.