In Practice June 19, 2007

Benefit Brokers Lead Sales of Voluntary Benefits

Benefit brokers accounted for almost half (46%) of worksite sales of voluntary benefits in 2006, according to Eastbridge Consulting Group’s eighth annual U.S. Worksite Sales Study.
Reported by
Career Agents came in second with 29% of worksite sales in 2006, and had the greatest increase in new sales at 20%, according to an Eastbridge press release. The Benefit Broker segment saw close to a 10% increase.
“The market has changed and is no longer dominated by those brokers that focus only on worksite/voluntary sales,” said Gil Lowerre, Eastbridge president, in the release. Pointing out that brokers whose primary business is selling products other than voluntary to employers are writing more and more voluntary business, Lowerre added: “These brokers are important and fast growing players in the voluntary arena, regularly offering voluntary as an add-on to the sales of employer-funded coverages. While most start out selling voluntary versions of the employer-funded plans, we see as they gain experience, they’re beginning to experiment with different products, enrollment methods, and platforms in this market.”
As for other segments, the Classic Worksite Broker segment accounted for 12% of sales in 2006, while Specialists accounted for just 8%.
The U.S. Worksite Sales Study includes detailed information on 61 carriers. All participating insurance carriers receive a free copy of the study’s findings, including company-specific results.
For information about participating in next year’s study, send an email to info@eastbridge.com or call (860) 676-9633.
Products June 19, 2007

Bear Stearns Broadens Mutual Fund Platform

Bear Stearns Broker-Dealer&Investment Advisor Services (BDIAS) on Tuesday announced it is significantly broadening its mutual fund platform by expanding the list of available funds and adding to its set of mutual fund research tools.
Reported by
According to the announcement, over 10,000 funds spanning more than 300 fund families are now available through the Bear Stearns mutual fund platform, including approximately 5,600 no load and load-waived funds. Over 3,400 funds will be available through FundCIRCUIT, the Bear Stearns No Transaction Fee (NTF) Platform, more than doubling the current roster of funds, the announcement said.
To help clients analyze and compare different funds, BDIAS has added NewRiver’s FundPOINT Desktop to its suite of products which includes FundTOOLS, a set of research tools powered by Morningstar. Both mutual fund research engines are available through the BDIAS Web portal.
FundPOINT Desktop provides access to mutual fund prospectus information, and includes features such as a share class analysis tool, information related to breakpoints, rights of accumulation, and letters of intent.
FundTOOLS includes three research functions from Morningstar:
  • Fund Compare offers clients the ability to compare performance, yield, ratios and other characteristics for multiple mutual funds.
  • Fund Screener allows clients to set specific criteria, such as cost, return, and ratings and then screens funds available through Bear Stearns for a match.
  • Investment Profiles provides clients with access to in-depth information on mutual funds, such as the Morningstar Rating, Morningstar Style Box, performance and portfolio sector breakdowns.
More information can be found at www.bearstearns.com.

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