LIMRA-McKinsey Financial Advisor Survey
Highlights from the 2012LIMRA-McKinseyExperienced FinancialAdvisor StudyFall 2012CONFIDENTIAL AND PROPRIETARYAny use of this material without specific permission of McKinsey & Company and LIMRA is strictly prohibited
The 2012 LIMRA – McKinsey Experienced Financial Advisor SurveyPurpose: to better understand the profile and preferences of experienced (3 years in tenure) individualsselling retail insurance, investments and financial services. The results will help organizations provide theproducts, services and support that will maximize advisor productivity and strengthen relationships withtheir most desired agents and advisors.Methodology Data collected via an on-line survey and phone interviews in spring and summer of2012 with nearly 2,000 financial advisorsacross distribution channels. See detailsabout the study at the end of the report.Participants represent a wide spectrum ofcompanies and firms, focusing on thelargest firms.Specific criteria for participants included: Work full-time selling insurance andfinancial services Have three or more years industry salesexperience Meet minimum earnings thresholdsbased on their distribution channelTopics included1.2.3.4.5.6.7.8.9.10.11.12.Advisor Profile/DemographicsProduct & Client MixBusiness Placement ApproachCareer PhaseAttitudes & OpinionsValue PropositionTechnologyCompensation/Advisor EconomicsPractice ModelTeamingClient AcquisitionRetirement Advice & PlanningMcKinsey & Company 1
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events45Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutionsOpportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, while social media will more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 2
1 SALES CAPACITY REMAINS AN ISSUE1.Across most channels, the majority of experienced1 advisors are over50 and have significant industry experienceAdvisors with 25 years industry experiencePercent by channelAdvisors age 50 and olderPercent by channelIndependentagent6965RIAIndependentbroker dealer5852Career agentIndependentagent5237RIAIndependentbroker dealer3531Career agentRegionalbroker dealer47Regionalbroker dealer25Wirehouse46Wirehouse26Bank29Bank161 Advisors in survey have at least 3 years of experience in industrySOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 3
1 SALES CAPACITY REMAINS AN ISSUE1.About 20% to 40% of advisors are within 10 years of retiring or selling theirpractices, but more than half have no succession plansYears to retirement/sale of practice by channelPercent channel total39432281 to 3 years63172134 to 6 years118231834738318187 to 10 years22111311111011Career ndentBDRIA65%*39%**42%**46%*Percent with41%succession plans*Insufficient data**Based on a small sampleSOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 4
1 SALES CAPACITY REMAINS AN ISSUE1.Affiliated advisors are less satisfied than independent advisors and likelyplanning to leave in the next 3 yearsAdvisors very satisfied with theircurrent firmsAdvisors likely to leave firmwithin 3 yearsRegionalbroker dealer70%RIA70%5% *20123%66%1% Fewer 6%Wirehouse33% Satisfaction amongadvisors issignificantly higherin all s areplanning to leavetheir firms than in2008, unlike thecareer andwirehousechannels, wheremore advisors nowplan to depart4%3 5%*7%*Combined into one channel for 2008 surveySOURCE: LIMRA-McKinsey Financial Advisor Survey 2008, 2012McKinsey & Company 5
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events4Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutions5Opportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, while social media will more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 6
2 ADVISORS SEEK OUT GROWTH OVER HIGHER PAYOUTS2.Growth opportunities and company culture are the most important factorsin advisors’ selection of firm – compensation is high but not most criticalPercentReasons advisors state for remainingwith their firmBelieve there is no bettergrowth opportunityReasons advisors state for leaving their firm27Like the culture14Satisfied with compensation13Believe there is betteropportunity for growth2725Do not like cultureUnhappy withcompensation13Happy with brand/reputation12Unhappy with managers/staffHappy with servicesprovided12Attractive compensationpackage6Unhappy with servicesor technology6Happy with managers/staffRestricted by a retentionpackageOther5Unhappy with brand/reputation413Other10212SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 7
2 ADVISORS SEEK OUT GROWTH OVER HIGHER PAYOUTS2.Only 2% of advisors say they would “absolutely” leave their current firm iftheir compensation were decreased by 2% of gross incomeAdvisors who would probably or absolutely leave their firmin the next three years Percent of advisors117“I would probably leavemy current firm”95“I would absolutely leavemy current firm”22If your compensationdecreased by 1% ofgross revenueIf your compensationdecreased by 2% ofgross revenueSOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 8
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events45Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutionsOpportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, social media to more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 9
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Experienced advisor production has increased since 20092009-2011 growth in gross income from sales of insuranceand financial services products, self-reported by advisorsPercent CAGR2007-2009Percent CAGRBank18RIA1712Independent broker dealer11Full service broker dealer10Wirehouse9Career insuranceIndependent insurance48614657S&P 50011.5%SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 10
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Advisors report several reasons for increases in their production,including more clients and higher average salesPrimary reasonTop 2 reasons cited by experienced advisors for growth ingross incomePercentSecondary reason Of those who experienced"I have more clients"48"Average sale is ofa higher value"24"I serve wealthier clients""I sell a broader rangeof products""My compensation plan haschanged to providemore payout""I leverage more salesexperts/wholesalers"16834 75 633251716255764 41 an increase in incomefrom 2009 to 2011, almosthalf said the main reasonwas an increase in clients.More than half stated thathigher average salesvalue is one of the top tworeasons for their increasein income.Market/economicconditions are cited as themost important cause ofdecreasing income for50% of agents whoexperienced a decreasefrom 2009 to 2011.1SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 11
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Four best practices can drive advisor productivity higherby more than egularly partnering withother advisorsClient specializationTargeting specific clientsegmentsRetirement planning forpre-retireesCreating retirement plansfor additional 30% ofclientsKnowledge of client lifeeventsIncreasing awareness from5 to 8 life events per clientPotential annual production gains foradvisor grossing 200,000 per year3 30,000 26,000 9,600 7,3331 Drivers of productivity identified through multivariate regression.2 Effect holds for those who regularly refer clients with special needs to other professionals, occasionally or regularly conduct joint fieldwork, or are part of a formal salesteam that shares clients, revenue expenses and support.3 Regressions control for effect of channel affiliation, years of experience, firm tenure, education level and gender on productivity.SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 12
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.The percentage of advisors collaborating and teaming has grown since2008, primarily due to advisors’ desire for growthPercentPrimary reasons for how advisors’ teamsevolvedAdvisor practice models by type ofcollaboration, 2008 vs. 20122008201256Solo: No partner,no more than onesupport staffBasic: More thanone support staff4434Evolved naturally from partnering/joint work with others25Desire to better serve my clients12Necessitated by the growingcomplexity of the business11611Advanced: Atleast one otheradvisor sharingless than 20%of revenueTeam: At least oneother advisorsharing more than20% of revenueDesire to grow mypractice and increase productivity22261620My company sponsoreda teaming initiative6Evolved from a need to finda successor for my practicewhen I retire5Evolved from a need to add a junioradvisor to help manage the practice5Evolved from a need to addspecialized staff to my practice3SOURCE: LIMRA-McKinsey Financial Advisor Survey 2008, 2012McKinsey & Company 13
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Forty-three percent of advisors say they specialize in a client segment,typically focusing on client affluence level or occupationAdvisors who incorporate client specializationand segmentation into their practice modelPercent of advisorsPrimary dimension advisors use to segment clientsPercent of advisors citing dimension as a primary criteria40Affluence levelOccupation254313Age5710Life eventI serve whateverclients are availablein my local marketMedian grossincome 200,000I focuson one or afew customersegmentsDemographicsOther48 210,000SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 14
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Few advisors have provided their clients with formal retirement plans;those who have are more productiveAverage gross income by percentage of clients with formal retirement plans 000s, 2011Pre-retirees1373Retirees325303 25% ofclients withretirementplansAverage percent ofclients, by segment: With formal retirement plan Executing plan39937728025-50% ofclients withretirementplans 50% ofclients withretirementplans 25% ofclients withretirementplans25-50% ofclients withretirementplans23%38%13%28% 50% ofclients withretirementplans1 Represents pre-retirees age 40-55SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 15
3 FOUR BEST PRACTICES CAN DRIVE GROWTH3.Knowledge of client life events correlates with higher productivity,and many advisors fail to leverage this informationAwareness level of nine key life events byproductionPercent405060Retirement 500K-1MDivorce orseparation7080Advisor awareness and proactive reachout to clients by life eventPercent90100% advisors aware% advisors reached out93Retirement15 100K-250K 50K-100K82Divorce orseparation16Marriage77MarriageReceipt of lumpsum of moneySerious healthissuesBirth of a childUnemployment1174Receipt of lumpsum of money1666Serious healthissues1566Birth of a childUnemployment16636SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012; McKinsey Survey on Consumers, 2012McKinsey & Company 16
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events4Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutions5Opportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, social media to more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 17
4 PRODUCT MIX SHIFTING TO INVESTMENTS4.Investment products are growing as a share of revenues forcareer and independent agentsProduct mix 2004 vs. 2012Percent of total gross revenuesProduct mix by production levelPercent of total sales100%Investments,advisory andother100%Investments,advisory andotherInsuranceInsurance20042012Bottom 25%Middle 50%Top 25%SOURCE: LIMRA-McKinsey Financial Advisor Survey 2004, 2012McKinsey & Company 18
4 PRODUCT MIX SHIFTING TO INVESTMENTS4.Investment products are taking share from insurance products as apercentage of gross revenues for investment-focused advisors 1Product mix 2004 vs. 2012Percent of total gross revenues100%Investments,advisory andother100%Investments,advisory andotherInsuranceInsurance20041Product mix by production levelPercent of total sales2012Bottom 25%Middle 50%Top 25%Investment-oriented advisors include wirehouse, IBD and regional broker dealersSOURCE: LIMRA-McKinsey Financial Advisor Survey 2004, 2012McKinsey & Company 19
4 PRODUCT MIX SHIFTING TO INVESTMENTS4.Top two reasons why investment-focused advisors1 do not sellmore insurance"I prefer to focus on investmentsas opposed to insurance”62%"The sales processtakes too long"27%"It takes too long to processand issue the policies""I partner with or refer to someonewho handles insurance”"I can generate more revenueselling other products"126%19%18%Advisors with less than 20% of sales from insuranceSOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 20
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events4Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutions5Opportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, social media to more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 21
5 OPPORTUNITY TO REEVALUATE SERVICE DELIVERY MODELS6.Advisors are receiving about 40% more services than they did in 2004,but many of these services are not valuedServices provided to affiliated advisors1Percent of services tracked in survey since2004Advisors’ perception of value of servicesprovidedPercentValue service7567 32%57200420082012Do not value serviceTraining on new products7624Tax advice, estate planning, etc.7228Sales training6238Leads5842In-house sales support5347Support conducting client seminars4951Average value: 62%1 Six services that were consistently asked about over time: sales training; product training; advanced sales support for tax advice, estate planning, special needs;support from product specialists or wholesalers to assist in closing sale; provision of leads; support in conducting client seminars. Affiliated advisors include Career,Wirehouse, Bank and Regional Broker Dealer advisorsSOURCE: LIMRA-McKinsey Financial Advisor Survey 2004, 2008, 2012McKinsey & Company 22
5 OPPORTUNITY TO REEVALUATE SERVICE DELIVERY MODELS6.Prioritizing which services to provide to advisors is challenging becauseadvisors say they want support across multiple areasNo one area of support is deemed most criticalPercent of advisors citing area of supportthe most critical to their practiceAdvisor reported service quality on a 5-pointscale5 best, 1 worstPoint-ofsale support20%Point-ofsale Development &coaching19%Development &coachingRemote salessupportMarketingservicesNew businessprocessing16%14%12%3.83.43.6Remote salessupportMarketingservicesNew businessprocessing3.93.33.7SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 23
5 OPPORTUNITY TO REEVALUATE SERVICE DELIVERY MODELS6.Distributors can re-align spending away from services that advisorsdo not valueValueDo not valueAdvisor evaluation of services they receive for free, Percent advisorsTraining on new products1 PracticeSales training (e.g., selling skills, cross selling)development1:1 practice management & consulting support& coachingCoaching on building and growing teams2 In-personsalessupport3 Marketingservices766238574348695453Support conducting client seminars49Marketing support (e.g., placing & designing ads)46515442Financial planning tool / software4 TechnologySupport with mobile technology (e.g., tablets)managementSupport with remote tools (e.g., Skype, WebEx)& supportSupport leveraging social mediaProduct sales desk for detailed questions5 Remotesalessupport6 Newbusinessprocessing Remote & in-4758Leads (i.e., names of customers to contact)821863425841597872Client financial & retirement planning support75222825Concierge service / dedicated support team6931Guaranteed support times673378person salessupport servicesare not valued bythose who receivethem Distributors may37Tax advice, estate planning, etc.Proactive/solutions-oriented supportprovided servicesare not valued byadvisors3146Support to close sale from own firm’s specialists 15% to 60% of52Product illustration / scenario analysis toolsSupport to close sale from 3rd-party specialists24consider:– Charging forservices notvalued by manyadvisors– Tailoring servicebundles22Average of valued services: 62%1 “Value service” rated top 2 boxes out of 5. “Do not value service” rated bottom 3 boxesSOURCE: 2012 McKinsey – LIMRA Survey of Financial AdvisorsMcKinsey & Company 24
5 OPPORTUNITY TO REEVALUATE SERVICE DELIVERY MODELS6.Firms may be able to charge for some highly valued servicesAdvisors willing to pay to receive a given value-added servicePercent of advisors who would pay4035302520Coaching supportand trainingIn-person sales support150.501.001.50Percentage of advisor’s gross incomeSOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 25
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events4Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutions5Opportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, social media to more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 26
6 ADVISORS KEEN TO INTRODUCE NEW TECHNOLOGIES TO THEIR PRACTICE6.Advisors say they plan to make more useof social networking and video conferencing to contact their clientsUse of technology for client acquisition & maintenance is expected to greatly increaseFrequency with which advisors interact with average client using the following methods,today & 3 years from nowDaily or weekly contact34%37%Email3 years from now27%27%Phone18%17%In personFax13%10%Mail12%10%18%2% The number of advisors 7%SocialnetworkingSkype/videoconferenceTodaywho expect to initiate dailyor weekly contact withtheir clients via Skype/video conference isexpected to quadruple inthe next three yearsUse of social networkingis expected to more thandouble8%SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 27
6 ADVISORS KEEN TO INTRODUCE NEW TECHNOLOGIES TO THEIR PRACTICE6.Advisors’ interest in smart phones, tablets and social media is highPercentUse a smart phone to Access information Obtain quotes while traveling Gather data Present information Train or continue educationUse a tablet to Access information Obtain quotes while traveling Present information Gather data Train or continue educationUse social media to Team communication/collaboration Promoting my practice Source new clients Communicate with existing clientsCurrently useWould like to useDo not 111 199162833464752121719202463636670SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 28
Summary of findings: The economics of financial advisory distributionappear challenged by prevailing headwinds, but pockets of opportunityremain for improvementKey insights from 2012 survey1Sales capacity remains an issue: Advisory sales forces are not only aging withoutsufficient plans for transition to the next generation of advisors, but they are also lesssatisfied than in previous years, especially in affiliated models2Advisors seek out growth over higher payouts: Advisors believe better growthopportunities outweigh compensation by 2x in choice of firm3Four best practices can drive growth: The most productive advisors make better use ofteaming, client specialization, retirement planning and knowledge of client life events4Product mix shifting to investments: Advisors – especially the more productive advisors– are selling a smaller share of insurance products relative to investments and advisorysolutions5Opportunity to reevaluate service delivery models: Services being offered to advisorshave increased by 40% over last decade, but many of these services are either not valuedor poorly delivered6Advisors keen to introduce new technologies to their practice: Advisor use of Skype/video technology will quadruple in the next 3 years, social media to more than double7Advisors actively screening carrier partners: While advisors work with 6 insurancecarriers on average, there is meaningful churn within this listMcKinsey & Company 29
7 ADVISORS ACTIVELY SCREENING CARRIER PARTNERS5.Advisors in independent channels are reducing the number of insurance carriersthey do business with, and place about half of their insurance with their top carrierNumber of insurance carriers used to place business2004200820121311987665Independent agentsAverage percent ofinsurance businessplaced throughprimary carrier49%5IBDRIAs54%51%SOURCE: LIMRA-McKinsey Financial Advisor Survey 2004, 2008, 2012McKinsey & Company 30
7 ADVISORS ACTIVELY SCREENING CARRIER PARTNERS5.Advisors in independent channels frequently switch insurance carriers,mainly due to non-competitive productsAdvisors who have stopped writing with atleast one carrier in the past 2 yearsPercent4745Top reasons advisors cite for droppingcarrierPercentNon-competitiveproduct line/pricingFinancial instabilityof the carrier2413Desire to streamlinenumber of companies34109Poor customer service9Poor wholesaling supportIndependentagentsIBDRIAsUnderwriting issues(e.g., too strict, too slow)Carrier mergeror URCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 31
7 ADVISORS ACTIVELY SCREENING CARRIER PARTNERS5.There is opportunity to add value by targeting service delivery toQuality of serviceindependent advisors1 who value the supportAverage score, 1-5(Poor Excellent)Independent advisors that highly value the servicePercent ranking 4 or 5 on a 5-point scaleSource of servicesPercentFrom 3rdpartyFrom firmReceive Receive from Do notfrom firm3rd partyreceiveProduct illustration/scenario analysis tools64Guaranteedsupport times56Support from wholesalers orspecialists to close a sale47One-on-one practice managementand consulting support46Leads45Support withmobile technology41Support conductingclient seminarsCoaching on buildingand growing teams3734Support leveraging remotemedia tools (Skype, WebEx)30Support leveragingsocial 2.93.43.423523.83.515553.43.53.33.43.23.323 1230477313 1425527414 123114531065601 Refers to only Independent agents, IBD, and RIAsSOURCE: LIMRA-McKinsey Financial Advisor Survey 2012McKinsey & Company 32
For more informationLIMRAMcKinsey & CompanyPatrick Leary, Assistant Vice President860-285-7840pleary@limra.comPrashant Gandhi, Partner212-446-3985Prashant Gandhi@mckinsey.comLaura Murach, Associate Director860-285-7820lmurach@limra.comJordan Solomon, Associate Partner212-446-7374Jordan Solomon@mckinsey.comMcKinsey & Company 33
ABOUT THE STUDYThe 2012 LIMRA-McKinsey Financial Advisor Survey surveyedover 1,900 advis
Experienced advisor production has increased since 2009 18 17 12 11 5 9 10 Independent insurance 7 Career insurance Wirehouse Full service broker dealer Independent broker dealer RIA Bank 3. FOUR BEST PRACTICES CAN DRIVE GROWTH3 S&P 500 11.5% SOURCE: LIMRA-McKinsey Financial Advisor Survey 2012
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