St. Paul, Minn.-based WorthMark Financial Services announced a new option for property/casualty insurance firms interested in bringing financial services to their clients. With its joint venture broker-dealer business model, P/C agencies can now have equity interest in a financial services operation through a partnership with WorthMark, the company said in a statement.
Under the business model, a WorthMark-registered financial services professional assimilates within the current structure of the P/C agency, meeting with clients to discuss financial needs and planning. The agency owns this financial services division, with continued support and individual attention from its WorthMark partner. WorthMark assumes responsibility for recruiting and training a qualified registered representative that fits the agency’s objectives.
As a full service broker-dealer and registered investment advisor, WorthMark employs consultants available to provide support on a variety of platforms, including financial planning, marketing initiatives, complex case support and client and revenue tracking.
By definition of the broker-dealer’s structure, the agency is not required to register any of its professionals with the NASD. Only WorthMark’s registered representative needs to hold NASD registration
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