Company: RiverSource Life Insurance Company
Company Description: RiverSource Life Insurance Company offers growth, income and protection solutions. We’re one of the nation’s largest life insurance companies and rank among industry leaders in several categories. We are the life insurance subsidiary of Ameriprise Financial, Inc., a diversified financial services company, Minneapolis, Minnesota. RiverSource Life was founded in 1957. We trace our roots to 1894.
Nomination Category: Marketing Campaign Categories - Industry
Nomination Sub Category: Marketing Campaign of the Year - Insurance
 Nomination Title: Tax-efficient wealth builder strategy
- Which will you submit for this nomination, a video of up to five (5) minutes in length about the nominated campaign or program, OR written answers to the questions for this category? CHOOSE ONE:
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers to the questions for this category, you must answer this first question: Specify the date on which this campaign or program was launched:
June 30, 2022
- If you are providing written answers to the questions for this category, you must answer this second question: Describe the genesis of the nominated campaign or program: the reasons it was initiated, the challenges it was created to address, the problems it was developed to solve, etc. (up to 250 words):
Total 229 words used.
IRS rules governing life insurance changed in 2021 (IRC 7702) allowing for increased funding of a permanent insurance policy while maintaining its tax advantages. This change expanded the role CVLI could play in a client’s overall financial plan, particularly high-income earners who’ve maxed out saving in traditional retirement vehicles. It provided us a significant opportunity to help meet more client needs [REDACTED FOR PUBLICATION] with the development of a new marketing strategy.
While policyholders can use the cash value as an investment-like savings account and take money from it, CVLI policies can’t be sold as a “savings investment tool” without the client’s need for protection first. Our biggest challenge was creating a new strategy and messaging that was compliant with FINRA, the Financial Industry Regulatory Authority, and state insurance regulators that showed clients CVLI’s potential investment-like opportunity, now heightened by new legislation, and its various tax advantages. We also wanted to address CVLI’s reputation of being “too expensive” with advisors who will often convince clients to buy a term policy instead for protection and invest the difference. We had to redefine “expensive” to advisors by showing CVLI’s potential for long-term growth with its unique tax advantages. And make it possible for them to confidently share that information with clients.
[REDACTED FOR PUBLICATION]
- If you are providing written answers to the questions for this category, you must answer this third question: Describe the development of the campaign or program: the planning process, the goal setting, the creative and media development, the scheduling, etc. (up to 250 words):
Total 234 words used.
A project team met weekly beginning in March 2020 with key stakeholders from marketing, sales, product compliance and legal. The goal was to [REDACTED FOR PUBLICATION] show advisors/clients why cash value life insurance is a compelling choice for tax-efficient wealth building, with the added benefit of protection. There was added pressure on the team to launch quickly to capitalize on the legislative change that had been in effect for a year.
First, we needed to create the “story” by identifying features, benefits, drawbacks, objections and opportunities. As the story was being created, we identified how, where and in what format to deliver it. Early on we addressed a need for a “personalized support tool” advisors could use with clients.
Based on cost efficiency, advisor familiarity and timeliness we turned to existing technology within our system to create the tool—a supplemental report within the Encompass Illustrations Solutions tool advisors could use to illustrate asset accumulation and transfer while explaining the unique tax advantages of life insurance. This report is unique in the insurance industry and a game-changer for Ameriprise advisors to demonstrate tax-efficient wealth building using CVLI.
The story used in the report, accompanied by simple graphics and summaries, is repeated throughout numerous deliverables (brochure, fliers, whitepaper, seminar, web page, web banners, social media post, email, communications) and versioned accordingly based on wholesaler, advisor and client audiences. The strategy was named Tax-Efficient Wealth Builder.
If you are providing written answers to the questions for this category, you must answer this fourth question: Outline the activities and concrete results of this campaign or program since the beginning of 2021. Even if your initiative started before 2021, limit your response to activities and results since the beginning of 2021 only (up to 250 words):
Total 249 words used.
Speed to market was unprecedented for us. Idea to launch was four months, which included review of all materials by FINRA and seven state regulators.
We used our mid-year sales meeting [REDACTED FOR PUBLICATION] to train wholesalers on the new strategy. We continued to communicate weekly with them on communications to the field—field leaders, advisors and advisor staff.
We used our “Focus is You” monthly email sent to all [REDACTED FOR PUBLICATION] Ameriprise advisors to launch the new strategy July 26, generating the best results we’ve had in the five years we’ve been doing the emails [REDACTED FOR PUBLICATION].
We used our monthly newsletters, our advisor web site and our event strategy to market the new strategy to advisors. [REDACTED FOR PUBLICATION]
One advisor responded that prior to this strategy she had been trying to explain to a client the legislative changes to CVLI making it a stronger, more tax-efficient way to accumulate wealth, but the client couldn’t quite see the value in what she was trying to present. When our Tax-Efficient Wealth Builder strategy launched, she used the supplemental report and collateral with the client, who immediately said: “I get it now, let’s do that.” We continue to hear similar success stories.
In six months, the supplement report was used 14,500 times by Ameriprise advisors. About 30% more than similar reports in our illustration system.
- You have the option to reference here any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 57 words used.
[REDACTED FOR PUBLICATION]
Social media post for Ameriprise advisors to use with clients.
Client brochure used to explain the tax-efficient wealth builder strategy.
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