Strategic partnership will focus on helping wealth managers safeguard their clients’ financial plans
CLEVELAND, Ohio – March 15, 2022 – Insurance Fiduciary Network (IFN) and Proformex have entered into a strategic partnership aimed at helping wealth managers and RIAs honor their fiduciary role and protect their clients’ financial plans. Given the strength of each companies’ networks, the entire industry stands to benefit from their collaboration. Both companies have individually built communities of advocates who envision a better and more holistic way to manage life insurance and financial security for clients. The combined power of this advocacy will help accelerate a transformative mission across the marketplace.
IFN is a platform designed for fee-only or fee-based wealth managers or RIAs (collectively referred to as wealth managers) who provide financial planning to their clients. The financial security the wealth manager has achieved for his/her clients can, and may very likely, be derailed by an adverse event during the client’s lifetime. As a fiduciary, the wealth manager may want to take additional safeguards to protect this financial security. IFN partners the wealth manager with a risk advisor that specifically provides fiduciary focused and collaborative risk management services to address the specific needs of the client.
“We know that even expertly created financial plans are subject to risks associated with mortality, morbidity, longevity, and taxes,” said Gonzalo M. Garcia, CLU, Managing Partner of IFN. “Proactively addressing these four risks through collaborative planning that includes risk advisory solutions is a win for clients in the accumulation, distribution, and generational transfer of their wealth. The wonderful team at Proformex advocates for the same mission we do – protecting policy owners and their beneficiaries. The partnership is a natural fit and one we’re thrilled to announce.”
One of the wealth management industry’s biggest complaints about life insurance is that policies are often not attended to and managed over time, resulting in unmet expectations for the beneficiaries or resulting in increased premiums at older ages. Proformex’s partnership with IFN will ensure that all life insurance solutions are managed over the lifetime of the insured, thereby fulfilling the fiduciary duty of the financial advisor to their clients.
Proformex CEO Kris Beck said: “We’re proud to support what the team at IFN is doing to alleviate friction within the wealth advisory community and safeguard financial security for consumers. Our joint objective is to make it easier for wealth managers to bring life insurance into the financial planning conversation, because we know life insurance is an incredibly valuable tool for ensuring financial security for clients. We view life insurance as an asset and built technology to help those who sell and distribute policies manage them accordingly.”
About Insurance Fiduciary Network (IFN)
IFN is powered by Agency Two Insurance Marketing Group, LLC, dba AgencyONE - a nationally recognized Broker General Agency that has been in the insurance and risk management business for over 40 years. AgencyONE operates as an independent intermediary between wealth managers and RIA’s and insurance companies, and provides life insurance, annuities, advanced estate and retirement planning, medical underwriting, and full back-office support to insurance, financial, and wealth advisors and their clients.
AgencyONE developed the Insurance Fiduciary Network to help Wealth Managers and RIAs fulfill their promise of complete, comprehensive financial planning to help them honor their fiduciary role.
Proformex is the life insurance service platform for modern advisors. Proformex builds solutions to help independent advisors attract, nurture, and grow their life insurance business through client policyowner service. Proformex delivers multicarrier visibility, distributor collaboration, and performance reporting for advisors and brokers in a single, secure platform.