The shift towards advisory fees in the annuity industry has transformed the way advisors approach their business. No longer bound by the limitations of traditional compensation models, financial professionals have embraced a new era of flexibility and client-centricity. With fee-friendly solutions and cutting-edge platforms, advisors can enhance their own practices while providing exceptional financial guidance to their clients.
In this episode, Ross McGoodwin talks with DPL's Regional Vice President of Member Success, Blake Phillips. Prior to joining DPL, Blake was a financial representative with New York Life. He is passionate about helping member firms create the best possible outcomes for their clients while organically growing their AUM and utilizing DPL's commission-free insurance platform.
Blake talks to Ross about the evolution of advisory fees in the annuity industry and within DPL, the advantages of taking the fee directly from the product, and how DPL provides a seamless administration process and support when integrating all assets into one place.
Key Takeaways
- [01:26] - How advisory fees have changed over time.
- [03:29] - How advisors charge advisory fees on annuities and insurance products.
- [05:36] - The billing on lifetime income products.
- [07:43] - The advantages of taking the fee directly from the product.
- [09:24] - How advisors transition from broker-dealer fees to an advisory fee model.
- [11:39] - How DPL provides a seamless administration process and support.
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