Sowell Management, a corporate RIA comprising more than 50 independent advisory practices overseeing approximately $4.4 billion in collective assets, has launched an insurance partner 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 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 major strategic business initiative focused on adding tremendous value to our advisor community,” was created in partnership with Griffin Distribution, which is affiliated with the leading U.S. life insurance provider , LIBRA Insurance Partners. Sowell advisors can now access a range of products, skills and expertise, while Griffin gains access to more than 5,800 end clients.
“Working alongside Sowell and their clientele is a perfect fit and a natural fit,” noted Griffin President Sean Shea.
“Beyond the product lines are the services and tools that come with it and include contracting, underwriting and, especially, Griffin's exceptional capabilities in advanced case design,” said Sowell President Daryl Seaton, calling the insurance expertise “vital ” for protection. customer investments.
or the last report by WMIQ and MarshBerry found that 77% of advisors reported offering insurance planning services and another 9% are planning. Of these, 85% are providing (or plan to provide) those services internally and 15% are outsourcing.
“For our advisors, this collaboration isn't just an addition to their portfolio; it's a significant enhancement of the value they deliver to clients, as well as a potential new revenue stream,” Seaton said.
“We actively listen to our advisors and strive to provide solutions that strengthen their success,” Sowell added, 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 held. 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.