Seizing opportunity in a shifting professional landscape

Key Takeaways:

• The financial services industry is undergoing a major shift as many experienced financial professionals approach retirement.
• Financial professionals interested in the COLI/BOLI space should align with firms that are actively investing in training and developing professionals for the job.
• There’s a strong opportunity to join firms that are innovating in how they attract, train and retain top talent.

10/08/2025 – The financial services industry is in the midst of a major transformation. With a growing number of financial professionals nearing retirement, there’s increasing concern about how to fill the gap, especially in specialized areas such as business life insurance, where deep expertise and long-term client relationships are essential. For financial professionals looking to grow their careers, this shift presents a unique opportunity.

The current state of the advisor landscape

The numbers tell a compelling story. According to the Alliance for Lifetime Income’s Retirement Institute, more Americans are retiring than ever before — including financial advisors.¹ A study by Cerulli and Associates found that 38% of advisors plan to retire within the next decade, while the failure rate for new advisors is nearly double that at 72%.² This imbalance is especially concerning in complex areas such as business life insurance, where experience is critical.

The impact on business life insurance

Business life insurance, including corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI), requires specialized expertise. The institutional insurance market is quite different from the individual-focused insurance market in several ways:

• Institutions and businesses have highly complex needs that require customized solutions: Business life insurance plans cover multiple lives and are often used for funding executive benefits, deferred compensation plans or as a tax-advantaged investment vehicle; consequently, there are regulatory requirements and impacts to the financial balance sheet that require detailed modeling and monitoring to ensure that the long-term investment performs as expected
• Cases involve longer sales cycles: From designing the life insurance product to fund the plan to setting up the investment options within the product and establishing the third-party administrator to manage the plan, cases can take from months to years to develop
• Success in this market requires strong relationships and significant interaction with key industry partners, insurance providers and fund managers: These relationships could include insurance providers who specialize in this business, third-party administrators who are often required to manage the programs the insurance is designed to fund, and asset managers for the underlying subaccounts

As seasoned financial professionals retire, the industry risks losing the expertise and relationships that drive success in this space. But for those willing to invest in their development, this is a chance to step in and stand out.

What firms are looking for 

To thrive in the institutional insurance market, it’s important to understand what firms value in new advisors:

• Ability to deal with complexity and the technical nature of institutional solutions: Understanding plan structures, scenario analysis and comparative strategies
• Effective communication: Explaining complex concepts clearly to clients to make sure they thoroughly understand the dynamics of their programs through discussion and disclosure of the various product components, investment options and related legal and tax issues
• Relationship management: Building and maintaining long-term client relationships to guide a project through implementation and long-term initiation, administration and oversight

Addressing the talent shortage

Forward-thinking firms are taking action to build the next generation of institutional insurance advisors. Here’s what to look for:

Recruiting from related fields

Seek out firms that are looking beyond traditional channels and recruiting from related fields such as tax, legal and fintech. These firms realize that many professionals in these fields already possess the financial skills and client management experience needed in the institutional insurance market.

Comprehensive onboarding and training

Look for firms that are implementing organized onboarding and training programs that can help new advisors acquire the specialized skills and expertise required in the institutional space. This includes:

• Prioritizing a knowledge transfer from senior advisors 
• Mentorship of junior talent, allowing for hands-on and gradual transition of client relationships

Career development and retention

Firms that invest in your growth are worth your attention. Key indicators include:

• Clear career paths: A road map for advancement and long-term success
• Ongoing education: Access to specialized training and industry networking in the institutional insurance market
• Mentorship programs: Learning from experienced advisors through structured mentorship

Succession planning

Strong firms have a plan for the future. A solid succession plan ensures continuity for client relationships and business operations. This involves structured succession planning to manage the transition of client relationships and maintain business stability.

Positioning yourself for long-term success

The evolving financial professional landscape brings both challenges and opportunities for those working in the business life insurance space. By embracing innovative approaches to career development, deepening expertise through targeted training and cultivating strategic partnerships, you can stay ahead of industry shifts and position yourself for sustained growth. As you master specialized solutions such as COLI and BOLI, you enhance your value to clients and establish yourself as a trusted, indispensable professional in the institutional insurance market.