New to Insurance and Investments What to Do

[pcbinsurance]

If you're going to be a licensed insurance agent, I would be careful about calling yourself a "Financial Advisor".

Are you a licensed accountant?

 

[DHK]

FINRA describes the main groups of investment professionals who may use the term financial advisor to be: brokers, investment advisers, accountants, lawyers, insurance agents and financial planner

I am an accountant

Are you an investment professional?

Are you registered with FINRA via Series 6/7/63/65?

Are you an RIA/IAR with a Series 65?


Most insurance companies won't let an agent put "financial advisor" on their card in that it appears to show that the agent is a registered advisor that has a fiduciary duty to their clients in accordance to the Investment Advisors Act of 1940.

 

[VolAgent]

Since when did we become ashamed of being an insurance agent or a Registered Representative?

 

[supersupps]

Thank god I was trained by the best

 

[JoKat]

ok I will take it down thanks DONE and thanks for the advice

 

[tins]

ok I will take it down thanks DONE and thanks for the advice

You have a great attitude for insurance. You don't seem to take criticism personally and listen to those that have been around. I'm sure you will do well once you find the right place.
I wish you great success.

 

[JoKat]

Thanks tins. I am new at this and I know you all have a lot more knowledge then I do. So thanks all for your words of wisdom.

 

[DHK]

Since when did we become ashamed of being an insurance agent or a Registered Representative?

When (we are told about) public sentiment felt that 'insurance agents' are only after 'one thing'... and that registered reps aren't 'fiduciaries'.

The term 'insurance agent' implies that all you do is explain and sell insurance. Same thing with registered reps. That you're only out looking for your own commission... not necessarily out for the client's interests. That's the perception behind those terms.

However, being considered a 'consultant', 'planner' or 'advisor' helps to change that... even though it's just a play on words. It implies a higher level of training and capability.

This is how the designation companies & educational institutions market themselves to agents. Same thing with financial planning software suites of various kinds... to "elevate" your status with the prospect. (Bull****.)

My favorite title that I read recently: Private CFO. Implies exclusivity and an intimate relationship with clients.

Anyway, sometimes how you perceive yourself and portray yourself carries more weight if you simply tell people about it.

 

[JoKat]

Very true DHK. As a paralegal in Auburn CA I was considered to be outstanding. I did some hard cases and always had a positive outcome for my attorney. I moved to San Francisco CA and could not get a job becasue I was too over qualified. So I went independent (Consultant) and done very well.

 

[pcbinsurance]

As a paralegal, you were "too overqualified" to get a paralegal job in San Francisco?
That is simply ludicrous! How can you be overqualified to do your own job? Every big city I've ever lived in was always looking for qualified paralegals. My wife's a paralegal by the way and she always has her pick of jobs.
All that aside, my advice to you is: Forget about WFG first and foremost. Next, I would refrain from telling us about how successful of a "paralegal" and "accountant" you are/were. I think it's wonderful you had a successful career doing those noble things....but it isn't going to help you much going forward if you choose to dive into insurance 100%.

And finally, GOOD LUCK! As someone above said, you should do just fine if you eventually find the right organization to align with.