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State Farm dumping insurance bizz
In the begining stages of becoming a "financial services company". Radio ads feature"State Farm bank".
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That equates to "dumping insurance" business?
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State Farm has done banking for quite some time. Insurance is usually only one facet of a company like State Farm.
Your pal, Meat. |
Mr. B:
Having spent almost 23 yrs in the investment business, State Farm is doing what every other insurance company is doing and that is using their customer base (which is huge) to sell financial service products. Life insurance companies have morphed themselves into this arena, as life insurance sales have shrunk over the past ten years. Our parent, Northwestern Mutual, is in OUR business full force these days. Fifteen years ago, they prided themselves on being life agents and nothing else. That is where the money is. It just took some of these firms a little longer than others to get on the train. I think you will find, however, that your local State Farm agent is still committed to working the P & C side of the street. My agent told me that they answer questions about their investment products but are not at the point where they do any soliciting of such products. The buzz word today is that all insurance, brokers, banks want to be "total" financial service firms, not just specializing in one particular area (banking, trading, insurance). What they often become is nothing more than "jack-of-all-trades" shops. Time will sort it out..................... |
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