HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYSE:PNX) today announced that its distribution company, Saybrus Partners®, Inc., has an agreement with Wells Fargo Advisors to provide life insurance consulting services to the firm’s financial advisors.
Under the agreement, Saybrus Partners’ wealth management consultants will work with Wells Fargo Advisors financial advisors in branches across the U.S., helping them match insurance products to meet their clients’ needs. Saybrus Partners will separately secure selling agreements with several carriers it will represent in the Wells Fargo Advisors system.
“We are very pleased to partner with such a well-regarded financial services firm and provide its branches and advisors with life insurance support and expertise,” said Edward W. Cassidy, managing principal of Saybrus Partners and Phoenix’s executive vice president, distribution.
Phoenix formed Saybrus Partners in the fourth quarter of 2009 to provide consultation services to partner companies, as well as support for Phoenix’s product line within its own distribution channels. Saybrus Partners offers both wholesaling and “assisted sale” services. Its first consulting agreement, with financial services firm, Edward Jones, began in November 2009. Phoenix has said previously that it expected Saybrus Partners to add at least two more consulting agreements in 2010.
Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities. In 2009, Phoenix had annual revenues of $2.1 billion and total assets of $24.6 billion at year end. It is headquartered in Hartford, Connecticut. For more information, visit www.phoenixwm.com.
Saybrus Partners, Inc. is an organization of experienced insurance professionals that offers select business partners a unique approach to solutions-based planning. It is a subsidiary of The Phoenix Companies, Inc., with corporate headquarters in Hartford, Connecticut and consulting representatives located across the United States. For more information, visit www.saybruspartners.com.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to trends in, or representing management’s beliefs about our future transactions, strategies, operations and financial results, and often contain words such as “will,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “should” and other similar words or expressions. Forward-looking statements are made based upon management’s expectations and beliefs concerning trends and future developments and their potential effects on us. They are not guarantees of future performance. Our business, financial condition or results of operations or actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others: (i) changes in our investment valuations based on changes in our valuation methodologies, estimations and assumptions; (ii) the effect of guaranteed benefits within our products; (iii) further downgrades in our debt or financial strength ratings; (iv) the possibility that mortality rates, persistency rates, funding levels or other factors may differ significantly from our assumptions used in pricing products; (v) the availability, pricing and terms of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us specifically; (vi) the strong competition we face in our business from banks, insurance companies and other financial services firms; (vii) tax developments that may affect us directly, or indirectly through the cost of, the demand for or profitability of our products or services; and (viii) other risks and uncertainties described herein or in any of our filings with the SEC.Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.phoenixwm.com under “Investor Relations”.You are urged to carefully consider all such factors.We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this press release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized.If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this press release, such statements or disclosures will be deemed to modify or supersede such statements in this press release.
The Phoenix Companies, Inc.
Alice S. Ericson, 860-403-5946
Todd Miller, 203-254-1300 x149
Naomi Baline Kleinman, 860-403-7100
Source: The Phoenix Companies