Fee-Based Asset Management without a Solicitor Agreement
SilverSide Insurance Marketing is excited to announce its partnership with Asset Management Strategies (AMS). We have joined forces with an exclusive arrangement for agents to offer professional, fee-based asset management for an ongoing referral fee using our Solicitor Agreement.
Start Offering Managed Money Solutions
Many times over the years agents, primarily life and annuity agents, have come to us and said they are worried they may be leaving business on the table and not maximizing potential benefits to their clients by not offering managed money solutions.
When an insurance agent specializes in selling life and annuity products he may not maintain a securities license and related affiliations. Having a trusted advisor like their insurance agent unable to offer a full array of services limits client options and possibly reduces their returns and other objectives.
Studies show that even if a client does not like the performance of whoever is providing advice or managing their assets, they will oftentimes be reluctant to make a change.
If he does not, and only offers fixed products like indexed annuities, MYGAs, universal life, and so on, his clients may look elsewhere for advice on stocks, mutual funds, bonds, and other investments or simply limit themselves to cash and CDs.
This seems to be because after becoming unhappy with their selections in the past, clients lose confidence in their ability to find someone they believe can get the desired returns.
So how can an agent specializing in fixed products expand their service offering without adding licenses and hassles?
The Investment Advisers Act of 1940
The Agent can act as a “solicitor” and offer Money Management services provided by a professional Registered Investment Advisor! The Investment Advisers Act of 1940 allows a portion of money management fees to be paid to an unlicensed “solicitor” for facilitating relationships as long as certain criteria are met. Most significant among these are the need to disclose the nature of the relationship to the end user. The soliciting agent must also have a clean background as far as major felonies and regulatory infractions.
Asset Management Strategies in Indianapolis, headed by long time expert Tony Fiorillo, has a consistent track record of positive reviews with exceptional service, and client retention.
An Ongoing Solicitor Fee
You, as a SilverSide Agent, get paid a portion of the management fee on a quarterly basis as an ongoing “solicitor fee” for as long as your client has their assets managed with Asset Management Strategies.
Participating agents will remain as the key contact and can continue to advise their clients on insurance fixed products, while other assets are managed through the advisory firm. Recommendations for fixed/indexed designs will be referred back to the agent.
If you would like to learn more, call a trusted SilverSide representative at 480-400-7171 for details or to get in touch with our RIA partner to see if this is a good fit for you and your clients.