Michael Schoonmaker, Head of Wealth Solutions for M Financial Group, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advisors can remain independent while joining a community of advisors supported with compliance, technology, and life insurance services.
M Financial Group is primarily a life insurance distribution company, but many of its 140 independent member firms also offer holistic wealth and financial planning. M Financial has a corporate RIA, a broker-dealer, compliance, and a tech stack to assist firms in those activities. The entrepreneurial member firms want independence in their operations but benefit from the community of advisors across M Financial’s member firms.
Today, clients want a complete picture and a holistic financial plan, as Schoonmaker notes that it is difficult to manage investments for clients if their financial goals are unknown. M Financial offers affiliate programs that enable an RIA to partner with a member firm to sell life insurance, private placements, and variable universal life insurance without requiring the RIA to obtain a license. Many clients choose risk management strategies that include bank-owned or corporate-owned life insurance.
The member firms own M Financial, which differs from the typical model where the group providing technology and compliance services typically owns all or part of the member firms.
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