Washington, D.C. and WINDSOR, Conn., May 12, 2021—Finseca Foundation and LIMRA today announced a research partnership to study the retention and productivity challenges impacting the financial security profession.
High rates of turnover among those new to the financial security industry are an ongoing challenge. This affects productivity, consumers and the industry’s ability to attract and retain new talent. The two organizations have identified the need to pursue a deeper understanding of the drivers and impediments to field retention and productivity with the shared goal to better understand the dynamics that contribute to high failure rates and what can be done to change them.
“We are looking forward to this opportunity to work with Finseca to identify the obstacles that undermine productivity and discourage financial professionals from staying in the industry,” said Kathleen Krozel, research director, Distribution Research, LIMRA. “We believe bringing together our organizations’ unique expertise will uncover useful and actionable insights that will help our members and the industry more effectively address one of its biggest challenges.”
The new partnership will begin with a collaborative study that combine the industry field and leadership resources of Finseca with the qualitative expertise of LIMRA. Through this effort, LIMRA and Finseca Foundation will identify successful practices and create benchmarks that will move the industry forward, and help members communicate a positive view of the career.
“Both Finseca Foundation and LIMRA are independently powerful organizations,” said Bonnie Godsman, president of Finseca. “This will be the first time we will conduct research through the home office and field lenses. By working together to study and address the issue of retention, our organizations will complement each other and bring added value to our collective membership and stakeholders.”
This research project benefits the entire financial services industry. It aligns both Finseca Foundation’s mission to equip financial security professionals with the tools, research and skills they need to better serve their clients in an ever-changing market, and LIMRA’s purpose of providing comprehensive, objective market research to help members anticipate and seize new industry opportunities.