The Modern Teaming Model: Evolution and Best Practices

Consortia Studies: The Modern Teaming Model: Evolution and Best Practices

Our completed consortia studies are a great way to access actionable research insights on the industry’s most pressing questions and trends. Purchasing a below study will give you and your team access to the full research report and key findings.

The Modern Teaming Model: Evolution and Best Practices

The distribution landscape continues to evolve and team-based models are one way that companies are driving profitable growth as well as supporting advisor recruitment and retention efforts. There is a need to better understand the prevalence of teaming, the models used (e.g. referrals, partnership/joint work, adoption/apprenticeship, formal teams), how they are being applied and compensated, the impact each model has on metrics like productivity, recruitment, and retention, and which models financial professionals prefer. This study provides quantitative and qualitative insights from both field leaders and financial professionals.

Report Details

Report 1: Field Leader Report Outline

Project Background, Objectives, and Methodology
- Team-Based Models and Definitions
- Sample
Executive Summary and Key Findings
Teaming Structures
- Prevalence and Modes of Teaming
- Formal Teams
- Branding and Doing Business As (DBAs)
Impact of Teaming
- Key Factors of Success
- Teaming Performance
- Teaming's Intangible Benefits
Challenges
- Top Challenges
- Lessons Learned
- Solutions
Support and Resources
- Home Office Support
- Field Leadership's Role
- Additional Resources to Enhance Teaming Strategy
The Future of Teaming
- The Evolution of Teaming
Considerations to Take Forward

Report 2: Financial Professional Report Outline

Project Background, Research Objectives & Methodology
- Team-Based Models and Definitions
- Sample
Executive Summary and Key Findings
Teaming Models in Play
- Prevalence of Teaming
- Teaming Trends
- Years of Experience Before Teaming Trends
- Life Before Teaming
- Reasons and Motivations for Teaming
- Team Organization (client type, region, product, channel)
- Team Composition (number and types of roles)
  - Formal vs. Informal Teams
- Team Size
  - Formal vs Informal Teams
- Team Tenure
- Shared Team Operations
  - Client Assignment
  - Compensation Structure
  - Sales Revenue
  - Support Staff Compensation
- Support and Resources for Teaming
  - Available Team Support
    - Most Important Team Support
- Satisfaction with Level of Support
- Areas of Opportunity for the Home Office to Provide Better Support
  - Types of Support and Resources
  - What Financial Professionals Wish For
- Challenges and Obstacles
  - Obstacles in Forming or Maintaining a Team
  - Top 3 Challenges of Teaming
    - Qualitative Commentary on These Challenges
  - Impact of Teaming
  - Degree of Impact of Teaming: Formal vs. Informal Teams
  - Success Planning
  - Biggest Impact of Teaming on Career
  - Successful Characteristics of a Team
  - Success Factors
- Opinions of Financial Professionals Not on Teams
  - History of Teaming and Reasons for Leaving Team
  - Receptivity to Joining a Team
    - Interest in Joining by Team Type
    - Reasons Why Not Interested in Joining by Team Type (Referral, Partnership/Joint Work, Adoption/Apprenticeship, Formal Team
- Future of Teaming
  - Advice to Other Financial Professionals
  - Formal vs. Informal Teams
- Considerations for Carriers

Sample Details

Field Leader Sample Details

30-minute in-depth interviews with 14 field leaders who represent:
- Affiliated General Agency
- Affiliated Managerial Agency
- Brokerage General Agency
- Fraternal Agency
- Independent Broker-Dealer
- Multi-Line Exclusive Agency

Financial Professional Quantitative Sample Details

Total N=399 (Financial Professionals on Teams N=304 / Financial Professionals Not on Teams N=95)
- Respondent Criteria:
  - State Life Insurance License
  - >1 Year of Experience
  - >$50,000 Annual Gross Income
- 57% Male / 42 % Female
- Generation:
  - Gen Z (1997-2010) = 5%
  - Millennial (1981-1996) 37%
  - Gen X (1965-1980) = 40%
  - Boomer+ (1944-1964) = 19%
- Years of Experience
  - Low (1<5) =20%
  - Medium (5<20) = 46%
  - High (20+) = 34%
- 2023 Gross Income:
  - Low ($50K-99K) = 40%
  - Medium ($100K-$199K) = 38%
  - High ($200K+) = 23%
- Current Position:
  - Independent Agent = 53%
  - Affiliated Agent = 15%
  - Broker Dealer = 15%
  - Other = 17%
- 80% Insurance /20% Investments

Financial Professional Qualitative Sample

30-minute in-depth interviews with 14 financial professionals

Who Should Purchase this Study: Distribution leaders

Cost: $17,500