The Industry’s Struggle to Prioritize Insurance
November 6, 2019 by Rich Blake
Whenever bank and credit union advisory unit leaders gather to compare notes, there are a few topics that always come up. Compensation schemes and recruiting are two examples. Another conversational evergreen is how to sell more life insurance.
Insurance product sales have ebbed downward in recent years, but the retirement and risk management needs of most ordinary Americans have not changed. In structuring business strategies, senior executives struggle with the issue of how to get more advisors to put greater emphasis on insurance.
Many needs-assessment conversations tend to revolve around retirement nest-egg building, thus there are some familiar components, such as IRAs, invariably taking up space on the front burner. Nevertheless, industry executives say insurance can and should sit front and center under the rubric of secure retirement income and risk management.