Insurance companies, banks and brokerages are all proceeding aggressively with their strategies to move into each others' territories and provide more financial products to their customers. Between Jan. 1, 1997 and Nov. 30, 2000, 45 insurers had filed for thrift charters with the Office of Thrift Supervision (OTS). And banks are gobbling up insurance agencies at a rapid rate.
Although financial convergence is in full force, the jury is still out on how many-and how quickly- traditional property & casualty insurance agents will take on the broader role of financial advisor.
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