OIDs: Sales don’t seem to be following the trend
August 9, 2022 by Sheryl J. Moore
I am reading more and more about Outsourced Insurance Desks (OIDs) over the past couple of months. In fact, Jeff Waddington, CLU, CLTC from Protective Life had an interview about them in today’s InsuranceNewsNet.
“An OID, at its core, allows an advisor to access products and expertise in the risk management or insurance world when appropriate for their clients.”
So, RIAs use an OID, when their clients need annuities and life insurance, but they aren’t licensed to sell it.
“Many clients today are choosing to do business with true fee-based advisors.”
Interesting because RIA sales of annuities are only 1.20% of all deferred annuity sales. And interestingly, insurance companies are reporting that 0.00% of their life insurance sales are attributable to RIAs.
Hey- whatever you guys have to do, in order to get annuities and life insurance in front of more people, I am for it. I am just shocked that I am seeing so many investing in these OIDs, but sales don’t seem to be following the trend. -sjm