DPL works to make Commission-Free insurance a positive and productive asset in an RIA's practice.
With Carriers: We provide market knowledge and product expertise to help top carriers create low-cost, Commission-Free insurance products specifically for the RIA market.
With RIAs: We are the RIA's strategic partner, helping advisors implement Commission-Free insurance in their practices. We provide analysis of clients’ existing policies, as well as education and access to new, Commission-Free solutions that offer transparency, value and choice to RIAs and their clients.
Because of the RIAs’ fiduciary model, RIAs cannot sell commissioned insurance. Until now, this has meant that advisors either do not include insurance products in their clients’ financial plans, or have to refer their clients to outside commission-based insurance salespeople, thereby losing control of a key part of the portfolio and the client’s experience. Working with DPL, RIAs are able to:
RIAs who become members of DPL get:
DPL works for the RIA. We only interact with an RIA's client as required to execute a new insurance contract. Beyond that, we interact with a client at the RIA’s request.
1. We are a membership organization, meaning we charge a small fee to RIAs to join our community and enjoy unlimited access to DPL’s resources and product expertise. This membership model allows us to leverage the collective buying power of our members to create low-cost insurance products that eliminate expensive commissions and distribution costs. As of March 1, 2019:
2. The second way we generate revenue is from the multiple carriers with whom we work. DPL creates the infrastructure through which we can issue policies on behalf of these carriers for our RIA members. We provide the product education, the licensing capabilities and the broker/dealer (for variable products). For this infrastructure, we get an administrative fee. The fee, which is 80%-90% lower than carriers’ traditional distribution costs, enables the repricing of products to create greater benefit for the RIA’s client.
Member firms pay an annual membership fee based on their AUM. For this fee, all of the advisors in the member firm get access to DPL's team of consultants, products and educational resources for members. As of March 1, 2019:
Many RIAs see insurance as a great opportunity to expand their services and grow their practices. We see RIAs charging either a one-time planning fee and/or a percent of AUM. See chart below for common fee vs. AUM by product type (and our consultants would be happy to speak with you about what may work best for your practice.)
With our member firms, we work in three ways:
It’s easy to get started with DPL. RIAs who want to work with DPL join our community as “members” and enjoy unlimited access to our educational resources, products and product expertise. We begin with an introductory call to understand how you currently plan for your clients' insurance needs. We'll introduce our team and answer your questions. After that, we'll discuss a personalized plan for your clients and their needs, whether it's to review existing coverage or explore new coverage.
Firms join DPL for many reasons: To meet client demand for expanded services, to bring their clients’ insurance under their fiduciary umbrella, to differentiate their firm and offering, and more.