A study of 2,000 advisors across distribution channels conducted by LIMRA and McKinsey shows that even though providers have increased value added services over the last 10 years by 40%, most of them are poorly delivered and not valued by advisors. Other highlights of the study:
• more advisors are teaming up with other specialists; and
• advisors who focus on retirement planning for their clients are more productive.
Providers, especially DCIOs, are in what seems like a race to provide value added services, but many are at a loss— creating tools, services and materials that hat advisors don't really value, that have become commoditized or that try to fit all types and sizes of practices. Though back office tools that help advisors service clients more efficiently are important, advisors value actionable services — especially ones that help them engage with clients and prospects and close more business.
