The Fact: The majority of financial advisors hold either a Level I (78%) or Level II (35%) insurance license.

The Implications: The trend toward cross-licensing is being driven by brokers and planners who now hold insurance licenses, however many planners are also becoming securities licensed. From a product and service perspective, the lines between channels have blurred. This is an important trend that goes beyond the two obvious implications: an expansion in the scope of services and an increase in educational requirements. Now many advisors have the range of tools they need to attract and retain higher net worth clients.

The Idea: While advisors put hours, months and years of effort into completing designations and obtaining additional licenses, many forget to close the loop by formally announcing the changes to their clients. As a result, clients are often unaware of the full range of products and services that are available through their financial advisor. Use a variety of methods to drive the message home, in addition to discussion at face to face meetings. In your service agreement, include a section on available services. In your newsletter, highlight a different product or service each quarter. In your statements, include an article on a topic of specific interest, such a critical illness insurance. Find ways to ensure your clients know what is available and repeat that message as often as possible.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.AdvocisStore.ca and click on the Business Success Kit.