COVID-19 Forced Advisors To Adapt In The Midst Of Disruption
The COVID-19 pandemic has caused dramatic changes to the practices of advisors and agents. As with all change, however, there is an opportunity to adopt and implement new processes to help drive business. LIMRA research shows the many ways advisors and agents have adapted throughout the pandemic.
On average, our research shows the pandemic caused a high level of disruption of 5.8 (out of 10) on the practices of advisors and agents. With a rebound in equity markets, broker-dealers’ and registered investment advisors’ sales, on average, fell below the overall average, and insurance agents found the pandemic to be more disruptive. Based on a subgroup of advisors who responded in March and October 2020, the average level of disruption has decreased by 14%, primarily driven by a 30% decrease for RIAs.