The Fact: The vast majority of financial advisors now offer their clients an expanded range of services, including term, universal life and critical illness insurance, as well as estate planning. This phenomenon crosses all channels.

The Implications: Cross-licensing between mutual funds, insurance and, increasingly, securities is a done deal in Canada. The challenge now is for advisors to determine how to effectively and efficiently integrate an expanded service offering into their practices. While most advisors are legally able to offer most products and services, their revenue stream has not yet changed substantially.

The Idea: While many advisors are licensed to offer a broader range of products and services, they indicate that cross-selling remains a challenge. Often the reasons are simple, such as a lack of information on existing clients. In your next client survey, ask clients which services they would be interested in learning more about. List a series of products and services that might be of interest, such as estate planning, RESPs or full financial plans. (Make sure you explain each option so that clients understand the terminology.) The responses will provide you with a set target list for cross-selling opportunities.

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.