K2 Placements and Wealth Advisor Growth Network (WAGN) have partnered on an insurtech platform for wealth managers buying business insurance to protect their firms.
The new platform, Advisor Insurance, was designed to simplify the business insurance process for wealth managers as well as offer resources to mitigate their potential liabilities.
Advisor Insurance will be led by Jay Hummel and John Phoenix, co-founders of WAGN and former registered investment advisor owners that played senior roles at Envestnet and American Century Investments
The Advisor Insurance team worked with underwriters in developing coverage backed by AM Best A-rated carriers for wealth managers, including proprietary and exclusive products only the firm will have the legal right to distribute in the industry. Offerings include errors & omissions (E&O), directors & officers (D&O), cyber insurance, business owners policy (BOP), workers’ compensation and employment practices liability Insurance (EPLI). The firm also provides risk reports and recommendations to help wealth managers improve their risk profiles and lower premiums.
K2 is a wholesaler that works along with its sister company Kore Insurance Holdings, LLC, a privately owned property and casualty firms in the U.S. Kore and K2 have more than 400 employees across the country. WAGN is a wealth firm consultancy.
The leadership team will include a combination of insurance and wealth management industry experts. Dan Jones will manage marketing, sales and distribution. Prior to Advisor Insurance, he was a wealth advisor at Buckingham Strategic Wealth and worked at Envestnet Financial Management, including sales and consulting roles across institutional RIAs, banks, broker dealers and trust companies.
Matt Tobia and Lucas Dietrich, senior leaders at K2, will bring their over 30 years of insurance experience to the team and will oversee insurance product design, carrier management and insurance operations.
Advisor Insurance is headquartered in Montclair, New Jersey will offer services and coverage to wealth managers in all 50 states.
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