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The Times, They Are A-Changin’

The Times, They Are A-Changin’

Remember the old days when stockbrokers only traded stocks, insurance agents only sold insurance, health insurance agents only delivered health insurance, and there was enough business for everyone? The times, they are a-changin’. Multiple researchers have found that as people age, they prefer to keep all of their financial affairs with one professional or one financial firm. Despite this fact, many professionals and firms refuse to go outside their comfort zones and offer additional lines of business even though their clients need and want them. Think about that for a moment. Why would a financial professional who focuses on investments avoid at least offering life insurance to their clients? One word explains it—Fear.

Financial professionals fear going outside their comfort zones to offer anything beyond the product line that they wake up thinking about every day. Property and casualty firms are often reluctant to even quote life insurance. Investment advisors often do not even offer to review their existing clients’ insurance policies despite the fact that they could probably significantly improve them and make a lot of money along the way. This fear of going outside our comfort zones has left millions of families uninsured or underinsured. The results can be tragic. Financial professionals who do not try to offer life insurance to their clients are simply people who have never witnessed a family who lost a loved one without the security of this type of safety net.

In the midst of the emotional devastation that comes with losing a beloved spouse or parent, no family should also face financial devastation. If you are one of the financial professionals who avoid discussing life insurance with clients, you are doing nothing to help them prevent this type of crisis.

Today, being a successful financial professional means offering clients a full range of products and services. Insurance agents are now telling good investment stories. Some stockbrokers have become wealth managers who help their clients acquire protection products. One thing is for certain—the future belongs to the professional who can get comfortable being a resource for all things financial, despite the fact that they may not be an expert in every area.

Partnering with a firm like Brokers Clearing House can allow you to offer multiple lines of business to your clients without having to become an expert in all of them. By plugging into our resources, you are able to leverage hundreds of years of experience in the life insurance, LTC, DI, and annuity markets to strengthen client relationships and improve the profitability of your business model.

In the very near future, financial professionals will not be able to afford to offer only one service to their clients, especially when their competitors offer the same service along with many others. Brokers Clearing House can help you adjust to changing times and better serve your clients.