This superior client experience doesn’t happen without a strong advisor experience, especially in today’s increasingly competitive RIA market rife with acquisition activity. So, their firm invests roughly 5% of its revenue into ensuring advisors are empowered with everything they need to be successful: access to critical information, modern tools that simplify their administrative burden, and more support for strategic, client-facing work.
They also believe strongly that annuities and life insurance are essential to holistic financial management for clients. In conversations with us, they’ve shared a regular reminder they offer their advisors:
“If you aren’t talking to your clients about life insurance and annuities, someone else is.”
A modern solution to a centuries-old industry problem
The challenge this RIA faced with bringing annuities and life insurance into the picture for their advisors is the entire reason we exist. Our goal is to unify that hard-to-get life insurance and annuity data with the other financial products and assets advisors are managing, because they are a critical element to securing families’ financial futures (something we care about deeply).
From our work with RIAs, we also know how important it is to put these firms in control of their data so they aren’t beholden to any individual carrier or IMO partner for information. And we believe there are ways to create avenues for organic growth via annuities and life insurance once they’re not held away from everything else the firm manages.
Proformex worked with this RIA to:
- Centralize their post-sale annuity and life information across 15+ carriers and 5+ IMO partners
- Provide control-tower visibility for compliance and home office teams to see all risks and opportunities across the full life and annuity book
- Integrate into their third-party advisor system so advisors didn’t have to add another disconnected, standalone platform to their workflows
- Initiate proactive alerts on the book to prompt timely sales engagement based on key policy milestones and events (i.e upcoming surrender charge expiration dates, annuitants entering RMD age, upcoming conversion end dates, lapse-pending policies, and more)
RIAs see quantifiable results with Proformex
With our partnership in place, this RIA is seeing material impact to their business. Not only are they providing a better advisor experience now that annuities and life insurance information is finally unified where other financial products live, but they’re also now proactively engaging with advisors and clients with strategic outreach campaigns for:
- Term conversions upcoming
- MYGA rate expiration
- Older insureds in VULs
- Surrender charges expiring
- Inactivated living benefit riders
- Policies with missed premiums
These proactive alerts and campaigns, plus increased advisor engagement, helped increase organic growth by 10%, driving new insurance revenues for the firm.
As a result, they’re also protecting enterprise value by keeping next-gen AUM from lapsing out of the business.
Why a partner like Proformex?
At a time when RIAs want to stay ahead of the competition and achieve ambitious growth goals without bogging their advisors down with another tool to manage their work, a partner like Proformex is the perfect fit.
We bring business-ready insights teams can act on now where advisors already work to help uncover growth opportunities, stay ahead of risks, and deepen client relationships.