How Can Farm Bureau Help Me Grow My Wealth Management Business?
March 19, 2020
Farm Bureau Financial Services does more than hand over a list of resources and wish an advisor luck on their first day. From the moment an advisor joins Farm Bureau’s wealth management program, they are equipped with a comprehensive suite of resources, hands-on guidance and ongoing education that covers everything from platform training to webinars on new technology.
“Mat Gleason, head of Wealth Management, is the architect of this program. With the help of our entire team, he has done a fantastic job keeping our offerings client- and advisor-centric,” says Brad Hunt, Wealth Management sales vice president.
Below, Hunt shares the vital ways that Farm Bureau prepares its wealth management advisors for success.
A Seamless Transition for Incoming Wealth Management Advisors
“One of the early challenges an advisor faces is related to the tasks associated with moving their business over,” Hunt says. “The first step for us is to make that transition smooth.”
This transition process includes a dedicated transition specialist, who begins working with the advisor as early as two to four weeks before they move to Farm Bureau and for as long as 90 days after the advisor is up and running.
As Hunt explains, the transition specialist acts as a resource for transferring clients, document creation, operating procedures and more.
Premium Office Space
Another obstacle to an advisor’s business growth is structural. “Many advisors ask, ‘What about my office?’ We have an answer for that,” Hunt says.
Farm Bureau creates modern wealth management offices for advisors. This is not a single cubicle in a room full of cubicles. These turn-key offices are located in financial districts and come fully furnished and staffed. Advisors also receive a marketing budget and an in-house marketing coach.
“When the advisor is ready for business, we host an open house for them to welcome their clients to the Farm Bureau family,” Hunt says. “It’s a small piece, but it’s part of our culture and commitment to the advisor’s success.”
Agent and Advisor Relationships
The wealth management program at Farm Bureau supports Farm Bureau’s existing footprint of 1,700 agents serving nearly 550,000 client/members, which positions advisors for organic business growth.
“Our wealth management advisors are located in the same places as our Farm Bureau agents and their clients,” Hunt says. “This means advisors get to develop relationships with our agents and, importantly, to receive a warm table invite to meet with existing client/members.”
As Hunt explains, a “warm table invite” is an invitation from an agent for an advisor to sit down with existing Farm Bureau client/members. As agents assist clients on the protection side, advisors help them on the opportunity side of their financial lives.
“The single biggest challenge for an advisor is building their book of business, so having these partnerships with our agents is huge,” Hunt says.
Ongoing Education
Each month, wealth management advisors attend a webinar that features different speakers — for example, tech experts relevant to wealth management planning tools — to educate and inform advisors on topics that help them grow their business.
Farm Bureau utilizes RBC's investment platform and best-in-class services. We host an annual in-person wealth management meet-up, at which RBC and others discuss platform advancements and provide training. In this way, Farm Bureau helps to ensure advisors stay at the top of their game when it comes to leading products and services.
Farm Bureau also provides an in-house wholesaling team that not only assists an advisor’s initial transition to Farm Bureau, but also shares solution preparation training and ongoing support.
Hands-on Coaching
Of the internal resources available to advisors, Hunt considers the role of the regional manager to be essential to an advisor’s successful business growth. Regional managers are the go-to, local leadership who guide advisors with their transition and integration with agents, as well as aid them in client relationship development.
Grow Your Business
Are you ready to grow your wealth management business? We can help. Farm Bureau is looking for experienced financial advisors for Farm Bureau Wealth Management offices. If this sounds like you,let’s connect.