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Carson Group Partners With FIG on Insurance Solutions

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What You Need to Know

  • Carson advisors now have access to FIG insurance products through a deal the companies announced Monday.
  • Insurance represents a major part of the financial planning process, according to Carson Group's Jamie Hopkins.
  • More details about the partnership will be provided to advisors who attend the FIG Sales Symposium July 14-16 in Las Vegas.

Carson Group has entered a strategic partnership with Financial Independence Group that will provide Carson advisors with access to FIG’s fee-based insurance products.

Most of our advisors have been in the planning business for years so insurance is a core part of the planning process,” Jamie Hopkins, Carson managing partner of wealth solutions, told ThinkAdvisor on Tuesday. But “this is really the first time we have centralized the solution as part of our technology and offering.”

The existing Carson Coaching platform is part of the FIG Elevates program, he pointed out. “On the insurance front, we have had advisors that used FIG and that factored into finding the right partner and culture fit” for the new insurance initiative, he added.

“The future of the financial advice business has never been more exciting, and insurance is a core piece of the financial planning process,” Hopkins said in the announcement.

“Furthermore, while clients look for retirement income planning fixed income products play a core role,” he noted. “This partnership will enable our partners and advisors to better service clients in a holistic and streamlined manner and meet client needs.”

The FIG insurance offerings are available to Carson advisors now, he said. “The next phase for us is to continue a first-class technology build for both the advisor and consumer experience with insurance that doesn’t exist today,” he added.

The full FIG insurance product line will not be made available to Carson advisors. “We still do our own due diligence on products and so do advisors but not every insurance product available will pass our diligence reviews,” Hopkins explained. “We have to put clients first and that’s where we started with a fiduciary planning framework.”

Carson Group now has 330 advisors who manage $17 billion in client assets, it said.

The deal “shows the future of a financial planning-first approach: insurance and wealth management for an inclusive, holistic solution for families,” the companies said in the joint announcement.

The integration of Carson’s wealth management, technology, processes and financial advice combined with FIG’s range of income and protection solutions “creates an incredible opportunity for independent financial professionals nationwide to do more for their clients,” the firms said.

The two companies “will bring an unparalleled insurance planning platform and integrated offering to the independent RIA and hybrid advisor community,” according to Mike Mullan, FIG co-CEO.

“The alliance between Carson and FIG is the first of its kind and highlights the fact that the investment advisory and insurance Industries are coalescing,” according to Jim Cooper, FIG co-CEO.

More details about the partnership between FIG and Carson Group will be provided to advisors who attend the FIG Sales Symposium July 14-16 in Las Vegas, the companies said.

More than 3,000 U.S. professionals now access more than 70 carriers to design fixed indexed annuity, fixed annuity, life insurance, care planning and disability income solutions to best fit the interests of their clients through FIG, according to the company.