Canada Life is presently staffing two new wholesaling teams, one focused on its wealth management products and services, and one focused on insurance products and service, both with a goal of helping the company’s advisory networks – its in-house Freedom 55 advisors and its network of independent advisors alike – to make better use of the tools the company is building and offering, and to ultimately sell more insurance.
After hiring three waves of inside sales managers from across the country over the past 90 days, the team now consists of 45 people, half of whom are dedicated to wealth distribution, while the other half focus on the company’s insurance offerings. “Previously they were integrated at a leadership level but we have separated those,” Moncrieff says, adding that the team is focused, with the expertise and capabilities to help build insurance and wealth sales. “Let us not see it as a service, but rather access to experts (who will) help advisors build better businesses,” he adds. “It is very much a growth, sales development, support function.”
Better client experience
In addition to product wholesaling, the team is also equipped to help advisors make use of the company’s digital applications and advisor workspace tools. “It is no longer just (about) the product they sell. It is (about) the tools that you use to demonstrate the product. It is about how you onboard the client, how you work with operations, underwriting, illustrations, etc.,” he says. “The inside wholesaling team allows the advisors to leverage yet another expert who can guide them on how to do business faster or more accurately. Better client experience, better advisor experience.”
The concept of an inside wholesaling team is not new or unique – having one is standard industry practice in wealth sales, particular in the mutual fund industry. Extending the practice to create an inside wholesaling organization which serves insurance advisors, however, Moncrieff says is relatively unique.
Doubling down on insurance
“I would say the inside sales team in the mutual fund industry as a whole would be relatively commonplace. Where I think we are different and potentially unique is on the insurance side as well as segregated funds. Typically mutual fund companies will have inside wholesaling teams. We are doing the same but we are also extending it to segregated funds and we are doubling down on insurance in a virtual way, as well.”
“We expect productivity gains by having people co-located with a single message, single brand and one mission.” - Hugh Moncrieff
Calling the team a virtual extension of the company’s in-market experts, Moncrieff says the effort gives its wholesalers who work in-market even more coverage, and allows the company to work on data-driven segmentation. “We can do a better job of understanding our advisor’s activities and support them with information, marketing, sale solutions, etc.,” he says. “We are already starting to see some interesting feedback.” He says acceptance by advisors has been overwhelming positive.
“While the inside sales team is an extension of our external wholesalers, they will always be at their desks. They are not running from airport to airport or city to city, advisor meeting to advisor meeting. We are going to have 40 or so people dedicated to different regions across the country so advisors know who to call about a variety of topics,” Moncrieff says. In addition to the efficiency gains, he adds that the development is a great opportunity to deliver a consistent message when rolling out new products or new ways of working. “We expect productivity gains by having people co-located with a single message, single brand and one mission.”
