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Rating:New York Life Tweaks its Distribution Strategy Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, November 11, 2009

New York Life Tweaks its Distribution Strategy

Reported by Patricia Kelly

New York Life has added three hybrid wholesalers to its retirement income security group, which sells mutual funds, annuities and guaranteed income products.

The addition of the three brings the total wholesaler count at RIS to 63, a company spokesman told The MFWire.

New York Life has also aligned its relationship management team by client rather than by product. The changes are aimed at speeding up sales and service, company executives said.

"New York Life has seen strong sales growth in our distribution channels in recent years, the result of ongoing and steady investment in the channels," said Mike Coffey, Growth has been so strong that 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."


Company Press Release
NEW YORK, N.Y., November 10, 2009 — New York Life Insurance Company today announced a new distribution model designed to speed sales, service and drive future growth of New York Life’s investment, annuity, and guaranteed income business through its distributors.

“New York Life has seen strong sales growth in our distribution channels in recent years, the result of ongoing and steady investment in the channels. Growth has been so strong that 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,” said Mike Coffey, senior vice president 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, 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,” Coffey explained.

New York Life continues to improve market share across all products. Recent market share figures show New York Life climbing to second place in total annuity sales, according to an industry source*. The company’s MainStay Funds, given high marks by Barron’s in its 2008 year-end fund family rankings, currently ranks 15th among the 50 largest fund firms in net flows. “We are continually investing in our distribution business. This enhanced distribution model coupled with our strong solution orientation positions us for continued leadership in the market,” said Chris Blunt, executive vice president of Retirement Income Security for New York Life.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Visit New York Life’s Web site at www.newyorklife.com for more information.

*Source: LIMRA International, U.S. Individual Annuity Sales Survey, second quarter 2009.

**New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.



 

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