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Sowell Administration, a company RIA comprising greater than 50 unbiased advisory practices overseeing about $4.4 billion in collective property, has launched a accomplice insurance coverage enterprise in collaboration with Griffin Distribution Companions to higher help its advisors.
“Our long-term roadmap has at all times included a complete insurance coverage platform,” Sowell founder and CEO Invoice Sowell mentioned in a press release Thursday. “This month that turned a actuality with the launch of Sowell Insurance coverage Companies, which incorporates entry to life insurance coverage, annuities, long-term care and incapacity insurance coverage.”
Sowell Insurance coverage Companies, described as “a key strategic enterprise initiative targeted on including nice worth to our advisor group,” was created in partnership with Griffin Distribution, which is affiliated with main U.S. life insurance coverage supplier LIBRA Insurance coverage Companions. Sowell advisors can now entry a variety of merchandise, capabilities and experience, whereas Griffin good points entry to greater than 5,800 finish purchasers.
“Working along with Sowell and their clientele is an ideal alignment and a pure match,” famous Griffin President Sean Shea.
“Along with the traces of product, are the providers and instruments that go together with it and embody contracting, underwriting and, notably, Griffin’s distinctive capabilities in superior case design,” mentioned Sowell President Daryl Seaton, calling insurance coverage experience “very important” to defending consumer investments.
A current report from WMIQ and MarshBerry discovered 77% of advisors reported providing insurance coverage planning providers and one other 9% are planning to. Of these, 85% are providing (or planning to supply) these providers in-house and 15% outsource.
“For our advisors, this collaboration is not only an addition to their portfolio; it is a important enhancement to the worth they provide purchasers, in addition to a brand new potential income stream,” Seaton mentioned.
“We actively take heed to our advisors and attempt to offer options that bolster their success,” added Sowell, hinting that extra advisor-driven initiatives are on the horizon.
Primarily based in North Little Rock, Ark., Sowell Administration was based in 2001 and is privately owned. The open structure platform gives advisory practices with a menu of customizable service choices, together with transition, administration, know-how, compliance, advertising and marketing, monetary planning, funding and insurance coverage help.
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