Nick Dally of Pacific Crest Wealth Management in Elk Grove, CA was like many RIAs – he hated when clients brought up insurance. Inevitably that led to a discussion of why he didn't use insurance in his practice and a lot of work analyzing clients' existing policies only to refer them to a broker down the street.

As much as he didn't like having discussions about annuities, it was clear Nick's clients were intrigued by them and the benefits they provide – particularly guaranteed lifetime income and principal protection. But offering annuity products presented a number of problems:

  • He wasn't insurance licensed
  • Evaluating products and reading prospectuses was time consuming
  • Finding products that fit his fee-only practice was difficult
  • Insurance wholesalers were pushing proprietary products and weren't very objective

Then Nick found DPL Financial Partners. DPL seemed to be modeled to address all his previous issues. "DPL's consultants work with you as if they're your employee. They focused on what made sense for the client, not selling products. And because they work with many different carriers, were able to find the right products for the different needs my clients had." Being an independent firm enabled DPL to work with Nick as a true fiduciary partner. With their broad knowledge of fee-only insurance solutions, DPL was able to save Nick a tremendous amount of research time while presenting him with multiple options for his client.

"DPL's expertise was a huge benefit. They could explain to me – in language an RIA could understand – exactly how the products worked and the pros and cons of each one. From there I could decide on the appropriate product and leverage their licensing capability to issue the policy for my client."

As a member of DPL, Nick no longer has to dread annuity discussions with his clients and no longer has to refer away the business.

"Being able to retain and manage the assets was very important to me. The additional fee income is nice, but being able to meet my clients' needs and keep the relationship under my roof is incredibly valuable."

Membership? Nick really hadn't come across another organization like DPL, but has found the value to be tremendous. The access to a team of product-agnostic insurance experts, the licensing capability and the single point-of- contact for a range of insurance solutions really made Nick feel as if he added staff to his firm.

"Joining DPL was one of the easiest decisions I've made for my practice. My membership has paid for itself many times over."

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