Benefits of Adding Insurance to Your Wealth Management Practice

September 2, 2022

As a financial advisor, you understand the importance of diversification. Distributing risk across an investment portfolio while increasing its exposure to a variety of asset classes has historically been a winning — and profitable — strategy. But have you considered applying the same principle to your practice?


Right now might be the perfect time to explore growing your book of business, broadening your scope of services and expanding beyond your existing wealth management work. An insurance franchise can provide a reliable, recession-resistant income stream while also serving as a lead-generation machine for your consultancy. Working with a general agent leaves money on the table and denies you valuable business-building opportunities. We Insure offers a turnkey approach that includes comprehensive sales and back-end support, with potential benefits that just keep compounding.


·         More comprehensive service. Building and maintaining wealth doesn’t just happen in the market. Protecting the assets you’ve helped your clients grow — like investment accounts, homes and property — allows you to address wealth management in a more personal and holistic way.


·         Increased cross-selling opportunities. Insurance clients can become your advisory clients, and vice versa. Existing relationships can serve as a springboard for new revenue streams, regardless of how they initially developed.


·         Exposure to new markets. You can expand into new markets more easily by incorporating a robust insurance offering. Carrying commercial lines can become an entry point into retirement plan work, which could open doors and connections to all of a company’s 401(k) participants.


·         Additional customer touch points. Every time a customer’s policy comes up for renewal, you have an opportunity to reach out and reconnect. Also, as clients’ life circumstances evolve (e.g., they purchase a second home or grow their family), you can advise on changes to their coverage and any other emerging financial needs they might have.


·         Recession resistance. Volatile market swings and recessions create strong headwinds for advisory practices, but people will always need insurance. Add a recession-resistant financial product to your offering that can provide ballast to your revenue stream.


Pick the Right Partner to Expand Your Business

We Insure angencies love us for our stem-to-stern support of all aspects of their business. The We Insure franchise program is specifically designed to support not just experienced insurance pros — it even supports those getting into the industry for the first time or those who want a frictionless way to expand their portfolio of services.


We Insure helps you set everything up. You don’t need to be an expert because we’ll help you recruit and onboard a licensed agent-in-charge to manage daily operations, set up your business website and social media profiles, provide IT and marketing support, promote your agency with professionally written content, and more.


You’ve invested so much time and effort in developing your client relationships and building trust as a wealth manager. Leverage those relationships, and your credibility as an advisor, by offering a financial product people will always need — and one that can help make them clients for life.


Contact We Insure today to learn more.

The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. We Insure makes no guarantees of results from the use of this information.