Life insurance solutions from Jefferson Pilot Financial, Pacific Life Insurance Company, and National Life Insurance Company will be offered by a network of local, independent insurance professionals partnering with RSM McGladrey’s growing network of local wealth management planning teams.
With this alliance, we expand the financial offerings to our RSM McGladrey client base, building on our tax- and accounting-based relationships, said Mark A. Ernst, president and chief operating officer of H&R Block. Because we understand our clients, their companies and their financial structure, we are uniquely qualified to provide comprehensive financial planning assistance, including life insurance planning. Helping our accounting firm clients plan their life insurance needs is a natural extension of the trusted relationship RSM McGladrey has already established.
The recently created wealth management planning program currently has planners in 11 markets, including Chicago, Minneapolis, Phoenix and West Palm Beach, with plans to expand to the firm’s top 20 markets by the end of the year. All of the planners are expected to be designated Certified Financial Planners and Investment Advisor Representatives.
The financial planning teams will work with approximately 85 independent insurance professionals, selected by a rigorous due diligence process, to develop life insurance solutions that are integrated into the client’s total financial planning picture. Clients will then have the option to use the RSM McGladrey network of carriers and agents to implement the insurance portion of their financial plan.
While financial terms of the alliance will not be disclosed, RSM McGladrey affiliates have received fees from the insurance carriers both to offset the cost of building financial planning teams nationwide and to provide future revenues for RSM McGladrey. The company also will receive additional fees based on a number of other factors, including the expansion of financial planning teams within RSM McGladrey. RSM McGladrey’s financial planners receive fees for performing financial planning services as well as investment advisory fees, but will not receive commissions based on an individual’s life insurance purchases.
