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Tower Health looking for partners

Tower Health and Life has rolled out its National Partnership Group which is designed to help advisory firms grow and become more profitable.

Wednesday, July 12th 2006, 7:03AM

by Philip Macalister

“This is a key strategy for us going forward,” Tower Health and Life chief executive Steve Boomert says.

He says Tower is trying to create relationships with advisers which will be beneficial to all three parties in the insurance business; the consumer, the adviser and the product provider – in this case Tower Health and Life.

Boomert says “predictability” is the key to the partnership.

Advisers get some “long-term certainty” about their business and Tower gets more predictability about business flows. He says many advisers want to grow their businesses and move more towards a corporate model; however they don’t have the skills to do that.

Tower Health and Life has the skills and is prepared to share them with advisers who join the partnership.

In addition to this the company is providing access to external sources to help advisory firms grow.

The Partnership model is quite scalable and adaptable – that is each one is designed to fit each individual advisory business.

“We don’t use a cookie cutter, template model,” Boomert says.

Boomert says the move isn’t been driven by impending regulation of the advisory industry.

Both he and Tower Health and Life national sales manager Jeff Page believe that advisers, if they wish, will be able to continue along as they are under regulation.

“I don’t think anybody should be scaring advisers into joining groups,” Page says.

Under the National Partnership model advisers don’t face quotas specifying how much business they must write for Tower.

“We always have to earn the right to get the business,” Page says.

Currently three groups have joined up with the National Partnership and Tower is slowly rolling it out.

« Mixed reaction to discussion documentSovereign takes regulation bull by the horns »

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