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The Wealth Manager's Playbook

By Tyler Horning
September 01, 2016

Even though I consider myself a life insurance purist, I must admit I am an avid reader of the investment advisory press. Over the years, I have been overwhelmed by the stories of immense change in that industry. More recently, the wealth management sector has experienced some seismic events:

  • Not one, but two major financial crises.
  • New regulation.
  • Technology companies entering their business in the form of “robo” advisers.
  • Aging adviser force and business succession issues.
  • A major shift from commission compensation to a fee-only world.

The pace and scope of change wealth managers are experiencing is unprecedented and is showing no signs of slowing down. In fact, change is accelerating rapidly.

It seems that the life insurance business is now poised for a similar period of disruption, growth and evolution. The question is not if change will take place, but when and how. We are seeing the early signs of this revolution across many facets of that business:

  • Electronic applications;
  • Exam free underwriting;
  • Engagement with clients via social media;
  • Programs of healthy engagement tied to insurance policies;
  • An aging producer force; and
  • The impact of lower interest rates on insurance companies.

As a producer, I can feel the impact of these changes, and many more like it, similar to a snowball rolling down a hill, picking up size, speed and momentum. We are just getting started.

So, the question is, what can be learned from the journey the wealth management business has been on? I argue there are two major strategies wealth managers have implemented to help cope with these shifting circumstances:

  1. Create an institutionalized team approach; and
  2. Embrace technology.

Proactive producers should use the playbook pages of teams and technology to turn defense into offense in their business; turning potential threats into opportunity. Let's look at each of these topics individually.

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