A firm’s wholesaling force has one main initiative; act as an intermediary between your firm, its investment solutions, and the financial adviser population. The end game, after all, is to recruit quality insurance agents to sell on your firm’s behalf.
While seemingly straightforward, the task of attracting, training, and retaining such producers can quickly become an overwhelming feat. With new product releases and market pitches continually being developed and introduced by the competition, the race is on to determine which players will reliably generate more qualified leads, deepen adviser relationships, and maximize market share. Leaders in the insurance industry, perhaps more than in any other industry, must have a strategy to differentiate themselves from the competition.
So what can wholesalers do to stand out in an otherwise commoditized industry?
Consider the fact that every adviser holding a state insurance license or professional designation is required to complete, on average, 24 credited hours of continuing education on an annual/biannual basis. And then consider that one, three-credit course typically costs an adviser around $15 to take. Knowing these margins, and realizing the potential of offering complimentary continuing education as a recruiting resource, more and more insurance companies are integrating CE programs into their business plans, budgets, and marketing strategies as a means to increase wholesaler/adviser interactions.
Ultimately, companies are enabling their wholesalers to remain agile, competitive, and innovative by strategically investing in their advisers’ continuing education. In offering such services, wholesalers can better open the door to improved communication with advisers.
Wholesalers who can drive prosperous working relationships are in a position to excel and win in today’s increasingly competitive markets. In the end, the goal is to develop and strengthen a business plan to maximize market share, assets, and profitability. Don’t believe us? Take a look at the results from our recent 2023 Financial Adviser survey.
- Of the financial advisers polled, 86% were more likely to attend an event hosted by a wholesaler when free continuing education was being offered.
- 70% of advisers also said that they view wholesalers that offer continuing education as being more knowledgeable.
- 81% of advisers said that they were either somewhat likely to very likely to use a CE voucher card given to them by a wholesaler who does not offer live CE.
- When asked “how many delivery methods of CE do you use to satisfy your CE requirements,” 55% of respondents said in-person/classroom CE, 80% said virtual webinar, 71% said online CE, 39% said Super CE, and 24% said voucher cards.
As shown in the data, offering CE is a golden opportunity for wholesalers to partake in and remain a contender in an increasingly competitive market. By recognizing the value of investing in adviser education, wholesalers are not only bolstering their own reputation but also fostering stronger relationships with their intended audience. The world of insurance wholesaling is evolving rapidly, and it’s clear that wholesalers who prioritize education will be the ones to excel and thrive in this dynamic landscape.