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May 01, 2019 at 01:01 AM
The head of CNO Financial Group Inc. says he would eventually like to see about 20% of the company’s agents be licensed to sell securities.
Gary Bhojwani, CNO’s chief executive officer, talked about that goal Tuesday, during a conference call the company held to go over its first-quarter earnings with securities analysts.
About one in seven agents is an advisor with a securities license today, up from one in eight a few years ago, Bhojwani said.
“So, we see no reason to change our goal,” Bhojwani said during the call, which was streamed live on the web.
(Related: We Can Handle Medicare for All: Aflac)
Bhojwani said he thinks the captive distribution force at CNO’s Bankers Life unit is the fifth or sixth largest in the life insurance industry.
“If we can take that and have roughly 20% have a securities license, that really has a lot of power to it,” Bhojwani said.
Bankers Life agents’ annuity sales have been growing steadily, and the agents with securities licenses have been getting into younger and, generally, wealthier homes, Bhojwani said.
