The Challenge
Bob and Anne Larkins work with mostly high net worth clients. One of their clients is a wealthy policy owner with eleven life insurance policies in his portfolio. Of those policies, some are personally owned, some are business owned, and the remainder are in ILITs. Due to the nature of his policies, he is very concerned about their performance and ensuring that all the policies stay on track relative to his expectations. Bob and Anne are accustomed to regularly reviewing his policies with him in ordinary circumstances, and with such a volatile market right now due to COVID-19, they thought it would be a good time to meet with the policy owner and discuss the state of all the policies under their management.
The Solution
After their discussion, Bob and Anne prepared formal policy reviews for two of the policy owner’s SVULs. They were able to reassure the policy owner that his policies were in good shape and that they are being monitored 24/7 by Proformex. He felt a huge sense of relief in knowing that Bob and Anne will be automatically alerted when something doesn’t seem right so that corrective action can always be taken before it’s too late. This proactive approach to inforce policy management via technology, as well as the Larkins’ excellent level of service provided to all their clients, enhanced their relationship with this policy owner. They are now positioned well to attract further business not just from the policy owner himself, but from his family as well. This was an opportunity to educate the policy owner’s two sons, as successor trustees to the ILITs, which helped the Larkins gain entrée into the next generation as they move their business forward.
“Proformex helps us keep our clients at ease. They know that in addition to our diligence, we have another layer of security with Proformex continuously monitoring the performance of the policies in our care.”
– Bob Larkins, CLU, ChFC, Managing Partner at Larkins & Larkins, LLC.
About Larkins & Larkins LLC
With more than three decades of experience in financial services, Bob Larkins began his own venture in 2012 with his specialty life insurance brokerage, Larkins & Larkins LLC. His wife and partner, Anne, who has a background in non-profit fund development and stock brokering, joined Bob to serve as Operations Manager. As a team of two, they focus primarily on high net worth individuals, families, and businesses to care for all their life insurance related needs. Through their strategic relationships with industry partners and life insurance providers, they are able to tailor solutions to their clients’ unique needs, helping them to find the meaning of ‘True Wealth’ through wealth transfer, tax efficiency, and risk management.
About Proformex
Proformex is a data and technology platform purpose-built for financial professionals and institutions to manage life insurance and annuity assets. With deep data and technology expertise, Proformex connects customers to critical information about their life insurance and annuity businesses and helps them make better informed, data-driven decisions. With Proformex, financial professionals have the technology tools needed to proactively manage life insurance and annuities and enhance value for their clients.