Sowell Management, a corporate RIA comprising more than 50 independent advisory practices overseeing about $4.4 billion in collective assets, has launched a partner insurance business in collaboration with Griffin Distribution Partners to better support its advisors.
“Our long-term roadmap has always included a comprehensive insurance platform,” Sowell founder and CEO Bill Sowell said in a statement Thursday. “This month that became a reality with the launch of Sowell Insurance Services, which includes access to life insurance, annuities, long-term care and disability insurance.”
Sowell Insurance Services, described as “a key strategic business initiative focused on adding great value to our advisor community,” was created in partnership with Griffin Distribution, which is affiliated with leading U.S. life insurance provider LIBRA Insurance Partners. Sowell advisors can now access a range of products, capabilities and expertise, while Griffin gains access to more than 5,800 end clients.
"Working together with Sowell and their clientele is a perfect alignment and a natural fit," noted Griffin President Sean Shea.
“In addition to the lines of product, are the services and tools that go with it and include contracting, underwriting and, particularly, Griffin's exceptional capabilities in advanced case design,” said Sowell President Daryl Seaton, calling insurance expertise “vital” to protecting client investments.
A recent report from WMIQ and MarshBerry found 77% of advisors reported offering insurance planning services and another 9% are planning to. Of those, 85% are offering (or planning to offer) those services in-house and 15% outsource.
"For our advisors, this collaboration is not just an addition to their portfolio; it's a significant enhancement to the value they offer clients, as well as a new potential revenue stream," Seaton said.
"We actively listen to our advisors and strive to provide solutions that bolster their success," added Sowell, hinting that more advisor-driven initiatives are on the horizon.
Based in North Little Rock, Ark., Sowell Management was founded in 2001 and is privately owned. The open architecture platform provides advisory practices with a menu of customizable service options, including transition, administration, technology, compliance, marketing, financial planning, investment and insurance support.