Lion Street 2020 Annual Report - Report - Page 5
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Institutional Life
Corporate Life
On the institutional life front, we set out in 2020 to build
a sophisticated group of elite point-of-sale professionals
focused on working with other financial advisors and
institutions and their high-net-worth and business clients.
Branded as Lion Street Private Client Group (LSPCG)
to align with the private wealth and banking units at
financial institutions, this experienced, high-end team will
serve a market that has been historically underserved
by less sophisticated distributors with a quantity-overquality approach.
With 14 Executive Benefits and Compensation Firms now
on board, Lion Street is the proud home of a “Who’s Who”
of experts in this segment. In 2020, we took action to
further stimulate and reenergize this important business
line by investing in a leader and other market authorities
to spearhead growth. With the continued placement of
large cases and the addition of COLI-centric Firms, Lion
Street Firms now represent more than $5 billion of active
BOLI and COLI cash surrender value.
We have had quick early success in attracting top talent
in the marketplace and engaging with multiple major
financial institutions to assist with advanced life insurance
planning. This group produced meaningful revenue in
the first six months since it launched, with plans for
significant growth and expansion in 2021.
The development of our end-to-end platform allows us
to service all Lion Street Firms in the business market;
traditional large COLI cases and BOLI are now additive
to small business planning and more intimate business
insurance sales. In addition, we have continued to harvest
ways to have these Firms work with other Lion Street
Firms, creating a new source of revenue from their books.
2020 highlights of our efforts in the institutional
space included:
As we look at the year ahead, our focus will be on
the following:
• A
completed acquisition of Mercury Financial
Group, including an existing team of point-of-sale
professionals and selling agreements with major
financial institutions.
• A
dditional hiring and expansion in other key
geographic wealth centers, resulting in 12 total elite
point-of-sale producers at the end of 2020.
• S
upport teams for Lion Street Private Client
Group have been assembled, along with the
implementation of technology and security platforms
and other requirements from the 15+ relationships
with national financial institutions, regional
banks and RIAs that are in place.
Lion Street Private Client Group
Markets for Future
Expansion
Current Lion Street Private
Client Group Markets
•Streamlined guaranteed issue and multi-life
market access, with a focus on using more retail
term, IUL and VUL in these designs.
•Collateral, content and point-of-sale material for
business cases and conversations.
•Launch of a Principal Protected Insurance
Dedicated Fund and Separately Managed Account
as a low duration alternative that offers market
upside participation.
•Firm-level education to promote opportunities
throughout the broad business insurance market.
•Best-in-class design and analytics through our
dedicated internal support team with 25 years of
combined COLI experience.
ANNUAL REPORT