MetLife has announced it will sell its network of 4,000 US-based advisers to an American life insurance company in an effort to strengthen its focus on product manufacturing.
In a statement, the company said it entered into a definitive agreement with Massachusetts Mutual Life Insurance (MassMutual) which will see the sale of MetLife's retail adviser force – the MetLife Premier Client Group.
The retail network includes more than 40 local sales and advisory operations and about 4,000 advisers across the US.
"We are evaluating the economic and regulatory environment and directing capital to businesses where we can achieve a clear competitive advantage," MetLife chairman, president and chief executive Steven Kandarian said.
"This transaction will enable our US retail business to sharpen its focus on its core strength in product manufacturing while also providing a broader distribution network through the partnership with MassMutual.
"By decoupling manufacturing from distribution, our US retail business will be more agile, and both MetLife and the US retail business can achieve significant cost savings."
Eric Steigerwalt, executive vice-president of MetLife's US retail segment said, "With this transaction, our financial services representatives and support staff will continue to connect clients to the best risk and wealth management solutions, and MetLife's products will now have even greater reach through the premier distribution network that this transaction creates."
SUBSCRIBE TO THE IFA DAILY BULLETIN
21 Feb 2017New bank code needed to address issues: reportBy Larissa Waterson
21 Feb 2017Mentor Education sees uptick in enrolmentsBy Staff Reporter
21 Feb 2017Wise Planners buys clients from self-licensed firmBy Staff Reporter
20 Feb 2017AMP firms investigated for claiming independenceBy Aleks Vickovich and Linda Santacruz
20 Feb 2017Lawyer: advisers ‘key to survival of life industry’By Adrian Flores
20 Feb 2017Young Aussies have a ‘terrifying’ level of financial knowledgeBy Larissa Waterson
- view all