Millennials are a hot topic in the insurance industry. How do we reach them and what do they want? How can we best serve their needs as clients?
But what about millennial advisors? Young agents are the key to the industry’s future, especially as an increasing number of established agents begin to contemplate their own retirement and the succession of their business.
Often, agents come into the insurance business by way of a family connection, or in many cases as a second career. But is the industry doing enough to reach out and attract millennial advisors?
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Michelle DeClerck, CMP, of Conference Event Management, recently said that regulatory changes, along with a growing advisor population reaching retirement age, creates a critical situation for the industry to fill its ranks with young advisors. DeClerck offered a preview of a session she will lead about this topic at the National Association of Independent Life Brokerage Agencies (NAILBA) 35th annual conference this week in Dallas.
LifeHealthPro: Why is it important to implement strategies to retain producers?
Michelle DeClerck: With the aging top producer and their looming departure from the industry, it is essential we find ways to partner with our clients to help them retain the rest of their producers. Given the current regulatory changes, a departure of those of retirement age, as well the culmination of other agents who might be considering career moves, would be detrimental to the success of any sales organization.
LHP: What are some examples of retention strategies that work?