Point of Sale Tips
By Paul LaPiana, MetLife

In the competitive, ever evolving and challenging financial services market­place many Brokerage General Agents (BGAs) are looking for opportunities to tap into alternative distribution models to grow their business. The sales opportunities in the institutional marketplace can be a new source of revenue for BGAs.

We define the institutional marketplace as national wirehouses, regional broker dealers, independent broker dealers and financial institutions. These institutional firms typically consist of securities - based financial advisors, who have strong relationships with their clients and large amounts of assets under management. The financial advisors in these firms are focusing on wealth management solutions for their clients. However, often times they need assistance when presenting and implementing protection product solutions. On average, these cases are typically large five figure target premiums of predominantly permanent insurance.

It takes time to get approved by a firm to be able to provide point of sale support. It takes time to develop relationships with securities-based financial advisors. To be successful with financial advisors in the firm, insurance whole­salers need to have consistent, focused and frequent activity within the firm to build trust. As you already know, it also takes time to develop large cases. However, if you are patient and persistent the end result of working in the institutional markets will be significant new revenue for the BGA.

One of the keys to having success in this environment is the abil­ity to provide a team of well trained insurance professionals who can provide point-of-sale assistance to securities-based financial advisors in these firms. The financial advisors are trying to protect relationships with their best clients, so there is motivation to provide wealth accu­mulation or wealth preservation solutions that may include protection products, like life insurance, before a competitor presents concepts to their clients. However, before a BGA’s team can begin to work with se­curities-based financial advisors in a firm, his or her organization must learn the necessary steps.

FOCUS Meeting Workshop

During our workshop at the upcoming FOCUS meeting we will review the necessary steps a BGA must take to be able to tap into the op­portunities in the institutional markets.

During the workshop we will review:

• The firm approval process
• Learning the culture of the firm
• Developing the value proposition
• Share profiles of success

Working point-of-sale in the institutional markets can be a win-win-win opportunity for the financial advisor, the producer and the BGA. The workshop promises to be an educational and interactive experi­ence which covers all the nuances of selling point of sale and what it takes to support its growth within your organization.