i am contemplating if i shld join the insurance line.
i wanna do financial planning. you know plan for savings, retirement, tax. plan for accidents that require insurance and investments to help your money grow.
but the problem is that from what i gathered, the only way to do this job is to sell insurance to use the insurance products to backup your proposal , for the insurance and investment part. the other plannings are just add on bonus to your proposal.
not only that, it seems like every tom dick harry is selling insurance now. natural market, would be your family and friends. my aunt is an agent, so family is out. my friends, each group got 1 or 2 agents, meaning gotta fight with them for clients.
what do you guys think of the insurance industry now? and is there any other alternatives for me to do such plannings to help others without being a hardselling insurance agent?
thanks
Can also apply for being FP in banks... but then they mostly hire experienced FPs...
why not go for it. if it didnt turn out to be successful, its a good learning experience.
basically this is a sales job, with no basic pay and earn thru commission.
i heard 2 types of FP in banks, one type is paid by the bank to do planning from the bank's own insurance products, the other type is FP which are distributed to different banks to do planning from the products from the insurance companies and they are paid by the insurance companies.
thanks any others?
Originally posted by bladez87:i am contemplating if i shld join the insurance line.
i wanna do financial planning. you know plan for savings, retirement, tax. plan for accidents that require insurance and investments to help your money grow.
but the problem is that from what i gathered, the only way to do this job is to sell insurance to use the insurance products to backup your proposal , for the insurance and investment part. the other plannings are just add on bonus to your proposal.
not only that, it seems like every tom dick harry is selling insurance now. natural market, would be your family and friends. my aunt is an agent, so family is out. my friends, each group got 1 or 2 agents, meaning gotta fight with them for clients.
what do you guys think of the insurance industry now? and is there any other alternatives for me to do such plannings to help others without being a hardselling insurance agent?
thanks
According to many successful businessman (The guy in Door to Door, kirosaki, tony robbins, Gan Ah Seng, Billy Lim, Donald Trumph, Steve Jobs, etc) One of the most precious and only true skill in this century is the ability to build trust through rapport with others. And that means the art of selling yourself. Some of the best professions to expose yourself to these situations are in business (sales) and services.
But having said that, many fail in sales. Be it insurance, cars, property, etc.
To comment on ur last question: That is a very idealistic view point, unfortunately the insurance industry in sg dun work that way. Rarely do one meet agents that are place the consumer first. Many agents will sell u the product that get them the highest commission. This applies to tied agents and IFAs. One of friend who was an agent for 17 years commented that the best way to know who is the best agent, is to join that person's agency. That way u can see the real side of him/her. (Does he curse n swear abt clients in office? Does he complain abt rules and do things the easy way? Does he uses overly sales techniques to misrepresent information?)
In insurance sales, the star is the one who bring in the highest sales. No one will care how the sales are brought in, until the victims complain with evidence against the agent. I'm sure the manager/director who is bringing u into insurance will tell u they dun hardsell, but so do everyone in the sales industry trying to recruit agents.
Cheers.
A colleague of mine went to join an independent financial planner company... meaning they don't promote any particular company's products.
You get to do financial planning, selling insurance, etc for clients who don't prefer to be tied down to a particular insurance company. For the start, you will most likely start off selling insurance to increase your network. But if your network is big enough, will probably not need this, from my understanding, the selling of insurance is to ensure that you still earn some salary.
My colleague is now starting to sell insurance, at the same time also helping others to do financial planning...
mayi! what company is that? can give me the contact? gosh i really wanna join such a company. thanks!
Do you have CFP or ChFC?
Originally posted by bladez87:mayi! what company is that? can give me the contact? gosh i really wanna join such a company. thanks!
I will get the contact for you on Monday... she's not free today and tomorrow.
You can also consider underwriting and admin support for the insurers to get your started into understanding insurances before you jump into selling.
i not CFP but planning to get it. i now only AFP. most likely going to complete another 2 modules to become CWP then become CFP.
Well, learning is never ending.
Get your modules done, and then more.
Insurances isnt as easy since it doesnt cover real life lessons.
Keep it up!
Originally posted by ndmmxiaomayi:A colleague of mine went to join an independent financial planner company... meaning they don't promote any particular company's products.
You get to do financial planning, selling insurance, etc for clients who don't prefer to be tied down to a particular insurance company. For the start, you will most likely start off selling insurance to increase your network. But if your network is big enough, will probably not need this, from my understanding, the selling of insurance is to ensure that you still earn some salary.
My colleague is now starting to sell insurance, at the same time also helping others to do financial planning...
There are many so called independent financial advisers (IFA) companies. IPP, FirstPrinciple, Finexis, just to name a few.
Originally posted by bladez87:i not CFP but planning to get it. i now only AFP. most likely going to complete another 2 modules to become CWP then become CFP.
You dun need a AFP/CFP to sell. But if you are doing it, then go all the way to ChFC (Last module is real real tough tough!!!) , and when you're into management, perhaps consider CLU. =)
And when you are selling, do tell your clients what all these stand for and what exactly are they. Most companies would just print a small AFP on the small corner of your card. Although some sales teachings are against "inflating" yourself by "showing off your credientials", I believe it's only right when you tell them your strengths and the efforts you had put into the industry.
ooo finexis is an IFA? did not know. damn it, they called me for an interview but i could not talk on the phone as i was on duty. so i guessed i missed my chance. anyway i decided to join prudential.
mayi! what is the name of the company!!! thanks
AIA, prudential.
oh..which agency from AIA? Cos I got a fren went to Prudential for 6mths and left there join AIA. She is doing very well in AIA instead.
MP FINANCIAL. why she doing better at AIA?
heard from her that it's the boss that makes a difference. And also the kind of trainings and support the boss and the agency provides. u sign contract wif Prudential oredi? If not maybe I can get my fren to give you a call on this.
I feel It is advisable to noe more b4 u confirm which company u entering cos if not u will be wasting your time and energy.
no need to contact me. i also no sign and i still deciding to join IFA or insurance companies.
ifa???? u chk it out oredi anot!!! i have really bad experiences with agents from IFA. They will only recommend those plans to me with the highest commission they can get out from it. And they can't sell AIA, Pru and GE plans I tink.