BrightRock is winding down its tied-adviser channel, BrightRock Financial Advisers (BRFA), and the process is expected to be completed by early next year.
The life insurer has decided to consolidate its distribution focus into its independent financial adviser (IFA) distribution channel, BrightRock Distribution Services (BRDS), Sean Hanlon, BrightRock’s executive director: sales and distribution, told Moonstone.
BrightRock never intended BRFA to be a long-term undertaking. BRFA was started in 2019 as a pilot project to train financial advisers on the features of BrightRock’s needs-matched product structure and how to harness it to the benefit of their clients, Hanlon said.
“To really unlock the benefits of needs-matched life insurance for clients requires financial advisers to shift their focus during the advice process from the traditional three Ds of life insurance – death, disability, and dread disease – to the clients’ underlying financial needs. With the BRFA structure, we saw this ‘incubation’ approach work and, through what we learned, were able to refine and improve the way we support financial advisers in making a needs-matched sale.
“Given the footprint we have been able to achieve in the IFA space, we believe the opportunity now exists to apply these learnings in the IFA space and continue our rapid expansion in that market,” he said.
Most BRFA advisers have opted to join independent advisory firms, and BrightRock will continue to support them via BRDS.
BrightRock has more than 5 000 contracted IFAs and more than 145 broker consultants, Hanlon said.
