It's important to note that insurance agencies and banks have different business models: Banks are transactional, whereas insurance is consultative. (iStock) It's important to note that insurance agencies and banks have different business models: Banks are transactional, whereas insurance is consultative. (iStock)

It's been nearly two decades since the historic Gramm-Leach-Bliley Act (GLB) was passed, removing barriers for banks to enter businesses such as insurance.

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