The growing number of life insurers facing downgrades may take heed to the results of a new study and claims a multi-faceted approach is the best way to enhance advisor performance. Released by professional development association LIMRA and international consulting firm McKinsey & Co., the study, which surveyed more than 1,200 advisors across a broad range of distribution channels in order to identify the challenges facing the industry, lays out practical steps that carriers can take to enhance productivity and retention.
The study’s researchers found that life insurance companies significantly improve advisor performance when they recruit well-educated advisors, launch them into team-based practices, tailor support services to maximize their value, realign the role of sales managers to better meet advisor needs, and migrate experienced advisors to multi-advisor teams.
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