Specifically, advisers would like to see wholesalers provide assistance with income and expense planning for retirement, cited by 66% of respondents. Just over half said Social Security claiming strategies would be another valuable service wholesalers could provide.
Part of the study involved interviews with advisers who made it clear that the old approach of wholesalers who just push product and disregard client needs will not work today, LIMRA says. Advisers used terms like “creativity,” “new and different ideas,” and “cutting-edge products” when discussing what the best wholesalers offer.
If a wholesaler knows an adviser’s practice, they will be better positioned to offer the right services and suggest important solutions that the adviser might have overlooked, LIMRA says. By adding that type of value a wholesaler has a better chance of establishing a long-term relationship with an adviser.
The best wholesalers play an important role in supporting an adviser’s practice by providing knowledge of their products, helping to navigate diverse client needs, and provide solutions to meet these needs, LIMRA adds.