An insurer has started a unit that will market wholesaling and insurance expertise to other financial services companies.
The Phoenix Companies, Inc., Hartford, (NYSE:PNX) says the unit, Saybrus Partners Inc., has agreed to provide life insurance consulting services to financial advisors affiliated with Edward D. Jones & Company L.P., St. Louis.
Saybrus also will sell consulting services to other companies, and it will provide support for the Phoenix product line within Phoenix's own distribution channels, the company says.
The creation of Saybrus "leverages Phoenix's reputation and track record for offering top-notch wholesale distribution expertise and support," says Edward Cassidy, Phoenix's executive vice president of distribution, who was named managing principal of Saybrus. "The initiative is also one of four pillars of Phoenix's growth strategy."
Saybrus will have 45 to 50 wealth management consultants and internal sales consultants helping about 11,700 Edward Jones investment advisors find insurance products that meet the Edward Jones clients' needs, Cassidy says.
Saybrus and Edward Jones will start with a 3-year agreement.
Edward Jones already has sales agreements with John Hancock Life Insurance Company, Boston, and Pacific Life Insurance Company, Newport Beach, Calif., and the Saybrus consultants will focus on helping advisors select products from those insurers.
