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Monday, November 06, 2000

CPAs Are Distribution Target

Reported by Tamiko Toland

New York Life Insurance Company is tapping certified public accounts (CPAs) to expand its distribution. To do so, it has launched its "Partnership for Professionals program, which rewards CPAs for selling New York Life's insurance and financial products.

Participating CPAs can opt either to receive referral fees or enter a New York Life-sponsored insurance advisor certification program. The company will front certification fees and provide training as appropriate for each state.

By enlisting CPAs, the company expands its distribution network to a group of trusted finance-savvy professionals.

"New York Life has created a way for CPAs to receive additional compensation while offering their clients a greater level of service," said New York Life consultant Allan Koltin. The company will reach out to CPAs through ads in accounting trades, a direct mail campaign, and face-to-face meetings with local agents. 

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