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New York Life Enhances Distribution Model
Virtual Water Cooler, November 16, 2009
In an effort to speed sales, service and drive future growth through its distributors, New York Life announced a new distribution model for its investment, annuity and guaranteed income business.
“We’re now deploying an improved sales service model that will create a more effective and efficient experience for these customers, and help fuel continued growth in the future,” says Mike Coffey, SVP for third-party distribution in New York Life’s Retirement Income Security (RIS) operation. “Given the diverse suite of product solutions we bring to the advisor marketplace, our new model improves service by complementing our existing sales force with the introduction of additional hybrid wholesalers in order to ensure advisors have full access to specialists responsible for our comprehensive suite of solutions, including annuities, mutual funds and guaranteed income products.
“Additionally,” he says, “our relationship management team is now aligned by client rather than by product. This will greatly assist distributors and their advisors by giving them a single point of contact across our entire product solution suite. It will also help RIS by giving us improved management control across the suite of solutions we provide, allowing us to better plan for the strong growth we see continuing in the future.”
