Daniel Welch
Vice President, Producer Recruiting
If you’re an investment advisor, there’s a good chance you’ve built your career within a wealth management firm. Have you ever thought about how your skills and credentials might apply beyond the traditional financial services sector?
For investment advisors with broad knowledge of plan mechanics, investment approaches, mutual funds, and experience in private and non-profit sectors, exploring the chance to expand your wealth management practice within an insurance brokerage could be worthwhile. The insurance sector presents career advancement possibilities that may differ from those in conventional financial services—if you know where to focus.
Well-established insurance brokerages, such as Marsh McLennan Agency (MMA), offer clients a range of business solutions, including property and casualty insurance, as well as employee health benefits. As a brokerage partner, we cultivate strong relationships with our clients’ senior leadership and decision-makers, which positions us to also manage their workforce’s 401(k) and retirement planning needs.
If you’ve made progress in wealth management and are open to new avenues, here are four reasons to think about transitioning to an insurance broker like MMA:
1. Differentiate yourself with your expertise.
It’s relatively rare for an experienced wealth manager to work within an insurance brokerage, which can help you distinguish yourself from other financial advisors. Your specialized knowledge in finance, investments, and retirement planning can be a valuable and distinctive asset to the team.
2. Gain direct access to warm, inbound prospects.
Working at a company that provides group employee benefits gives you access to an internal client base. This lets you connect with prospects who already have a positive relationship with the firm, making it easier to start conversations about workforce retirement solutions.
3. Cross-selling opportunities may increase your earning potential.
Wealth management typically offers a more limited range of services compared to the insurance industry, which can restrict cross-selling possibilities. Brokerages like MMA offer a broad array of insurance products, creating more opportunities to cross-sell relevant services to your clients—addressing a greater portion of their business needs while potentially boosting your revenue.
4. Higher client retention leads to steadier business.
MMA’s access to top industry experts and partnerships, combined with its client service initiatives, aims to deliver dedicated support and care. Our commitment to working collaboratively across business lines helps foster long-term client relationships. This integrated service model has contributed to strong client retention rates, according to internal data. With more clients returning year after year, your income potential may grow as assets increase over time.
Shape your financial career with MMA.
MMA is motivated by a commitment to delivering quality services, support, and solutions while nurturing a positive workplace culture. If you have wealth management experience, a strong work ethic, and are interested in exploring the opportunity to grow your wealth management business with MMA, let’s connect.
