Financial advisors could find pockets of demand for their services at life insurance agencies.
About 14% of independent life insurance producers surveyed said their agencies hire outside firms to provide financial planning and wealth management services for the clients, according to a life producer survey conducted by LIMRA and the National Association of Independent Life Brokerage Agencies.
LIMRA and NAILBA
LIMRA is a nonprofit financial services research organization with roots in the life and annuity markets.
NAILBA is a group for independent life insurance distributors. It recently combined with another financial services organization, Finseca, and describes itself as a Finseca community.
LIMRA and NAILBA conducted one survey of about 70 independent life distributors.
The groups also conducted a survey of 238 life producers who work with independent life distributors.
The producer survey participants included 180 financial professionals classified as agents or brokers and 58 as independent financial advisors who place some life and annuity business through independent distributors.
Life Producers and Planning
The participating producers reported that about 6% of their business comes from investment product sales.