A.M. BestTV at ACLI: Life Insurers Face Regulatory Entanglements and Shrinking Producer Force

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“This is a great time to come into this business,” said Marvin Feldman, president & chief executive officer, Life Happens. “Nevertheless, the lag in recruiting that is taking place in the industry is a concern. Research shows that the industry is going to lose 40% of its agents and advisers over the next eight to 10 years. Since our retention is only around 15%, the industry would have to hire 80,000 each year just to stay even. However, research shows that the industry is only hiring 30,000-34,000 per year. Consequently, you can see how this is a problem.”