In a recent LIMRA study, 85 percent of advisors said today’s wholesalers must do more than supply products. They need to offer more value-added services and support.
Products have become more complex and the modern client roster can represent several generations, all with different demands. The best wholesalers play an important role in supporting an advisor’s practice by providing knowledge of their products, helping to navigate diverse client needs, and provide solutions to meet these needs.
Much of the desired services and support are in areas that will help financial professionals plan and fund their clients’ retirements. Specifically, advisors would like to see wholesalers provide assistance with income and expense planning for retirement, cited by 66 percent of advisors. Just over half said Social Security claiming strategies would be another valuable service wholesalers could provide.
LIMRA retail sales surveys have shown that mutual funds, life insurance and annuities have strong sales through intermediaries. Seventy-nine percent of annuity sales are through third-party channels, for example.