Insurance Agent Forum

[thebarb]

I am trying to decide if/what professional designations to work toward as an Insurance Agent.

This is my thought process: I know that others that are in the Insurance Industry understand what most designations are (ie FLMI etc) but do you think it gives you credibility with the average person? Do you think it could cause them (average person) to be intimidated if you have too many designations? Do you think it could be perceived as arrogance to have many designations?

What professional designations, in your opinion, are the best to have? (If you can provide links to the websites for additional info on the designations it will be appreciated).

I want to finish up my LOMA so I can get my FLMI, but beyond that, what would be good to have?

I appreciate any feedback.

Barb,
Fairly new Insurance Agent

[GreenSky]

Nothing gives you credibility with the average person. There are 3 reasons for professional designations:

1) To impress yourself

2) To impress other agents

3) To gain knowledge

Rick

[thebarb]

Originally Posted by GreenSky

Nothing gives you credibility with the average person. There are 3 reasons for professional designations:

1) To impress yourself

2) To impress other agents

3) To gain knowledge

Rick

In that exact order?

[GreenSky]

Originally Posted by thebarb

In that exact order?

Yes.

Rick

[AnMarieB]

I have had my CIC designation since 2005. Obtaining credibility with my clients was not my motivation behind getting the designation, although from time to time I do feel it has provided such. My initial motivation was to gather knowledge that could directly attribute to the success of my agency.

However, along the way, what I gained from attending these courses was even more effective in achieving my goal and that was the industry contacts. The instructors of the courses are most often highly successful agents themselves (past and present). And the participants in the classes range from commercial and personal lines agents; highly automated agents to those that still prefer to do everything by hand; to agents just starting off to agents that are getting ready to retire. Company personnel extend from marketing, claims, underwriting, and more. Being able to develop a network with like-minded industry professionals is the reason I continue to keep my designation in force.

Additional information about the CIC designation can be found on the website for the National Alliance for Insurance Education and Research - scic.com.

Good luck in your research.

AnMarie Bozick

[GreenSky]

I too had a CIC. In fact, I was the 2nd youngest at the time but that was a loooong time ago.

I dropped it when it was obvious that I could teach the courses and sitting in a room once a year to hear the same crap again was worthless. Perhaps it's better now.

Rick

[indaville]

CFP is not neccessary but it can do nothing but help.

[sman]

Designations are almost worthless from the standpoint of gaining you credibility in the clients eyes. The only one that remotely helps is a CFP and that's really only because it's been marketed so well. There's absolutely nothing wrong with mastering the material so that you can better assist the client, but designations really don't do much. I have a few and don't even put them on my business card.

And quite frankly, just because you have a designation doesn't mean you can serve the client any better. Case in point:

I'm sitting in a meeting with other "financial planners". One gentleman, who has his CFP states,

"What I need help with is after gathering all the information from the client, how do I determine what's best for them?"

Are you kidding me? This guy is a CFP and he's already been advising people on where to invest their money and he has no clue what he's doing (by his own admission). He worked for an organization that mostly did 403b's in the schools and hospitals. They were branching out and adding other services and releasing this type of advisor on the investment public. At least he was there to seek help. But it just proves that a designation doesn't mean very much.

[LGilmore]

The average client isn't going to care about the alphabet after your name. They're going to care about you as a person and how comfortable you make them feel.

In some professional situations designations will help impress other professionals with similar alphabet (CPA's) behind their names.

Rick is right in many ways, maybe not with the firing order.

I look at it this way, if it improves your knowledge and confidence as an agent, then it's not a bad thing to consider.

[xosephchu]

There are situations professional designations may help.

Generally, people don't care how much you know or how many professional designations you have until and unless they know how much you care about them.

[Peelerinsurance.com]

These letters are a waste of time... worthless as tits on a boar hog... spend the time marketing not taking some goofy online or classroom course.... sales is sales... go sell

[Y.L. Prinzel]

Five hundredthing what everyone else has said. For someone like me, designations do a lot to impress magazine and trade mag editors--but I can't imagine a licensed agent being so bowled over by my FLMI (actually, I only have a lowly ACS), ALU, CLU, whatever that he/she hires me to ghostwrite for him/her.

I've found that the agents who know the most about the business are not those who have a bunch of designations, but are those who care. You know as well as I do that you don't remember 90% of what you learn studying for the exams--you remember what matters as you do your job. The more you care about doing your job right, the more you'll remember.

[briko3]

I took the courses and exam for the CFP and it has helped tremendously in answering client questions and giving good overall advice. BUT, I haven't had one person remark on the letters or ask if I had any designations. They might help if you're trying to form a partnership with a CPA or something though. Bottom line...it was great for the knowledge (which is what you should technically get them for), but other than that, what do you expect to happen?

[GreenSky]

Sometimes I get impressed with all the initials I can put after my name (which mean nothing to anyone else).

Richard S. Bronstein, CSA, MSAA, ACBC, CBC, CIC(dropped)

Acually, the only one that matters is the BA in Poli Sci from UCLA.

Rick

[DHK]

I'd consider LUTCF from The American College & NAIFA - because it's technical training along with sales training. It's the only designation I've heard of that should help you improve your production as you're taking the courses.

After completing the LUTCF, I'd consider the CLU. (The LUTCF designation satisfies one elective towards obtaining the CLU.)

Why get them? Well, I do agree with Greensky, but there are other (better) reasons:
1) Credibility with referral partners - attorneys, CPAs, etc.
2) Proper training should help you recognize additional sales opportunities and better explain why you do what you do.
3) You need continuing education units anyway, so why not a designation? (If the time and expense doesn't matter to you.)
4. If you desire a career as a wholesaler, home office employee, etc., they can be a great resume enhancer.

However, the public has no idea what they mean, so I wouldn't use it as a "wedge" with your prospects. Prospects already assume that you know all you need to know just because you are licensed.

[xrac]

Originally Posted by Peelerinsurance.com

these letters are a waste of time... worthless as tits on a boar hog... spend the time marketing not taking some goofy online or classroom course.... sales is sales... go sell

Peeler, I would beg to differ. I think the letters may be more worthless than teats on a boar hog. I use to say the same thing until an animal science professor taught me the following. While teats on a boar hog may appear to serve no useful purpose they are predictors of potentially how many teats their female offspring will have. Since you want a sow to have large litters and be able to suckle many piglets you want the female to have as many teats as possible. If that is the case select a male with as many teats as possible. With that reason in mind I would argue that the letters are more worthless than teats on a boar hog.
- - - - - - - - - - - - - - - - - -
Actually I think the CLU, LUTCF, or ChFC are worth pursuing from a knowledge stand point.

[bill3173]

From reading this thread, it seems that there are valid reasons for taking these courses from a knowledge standpoint that could translate into $$, and maybe give you some insight into helping clients that you may not have had otherwise.

I got burned out on having to get designations when I worked in manufacturing. Most of the ones that I received were required depending on the point of view of the higher ups, but with the exception of course work specifically designed to enhance your technical knowledge of a particluar process, a lot were just fluff, but for some ridiculous reason looked good on a resume'.

For those of you that have several for life and health, if you had to pick just one, which would it be? Not the easiest or hardest, but which has been the most useful?

[Y.L. Prinzel]

There is no question that each of these designations offers a ton of opportunity to learn more about the nuances of your profession. The OP wanted to know what we thought the clients thought about them, and I think teats on a boar sums it up...ignoring the teats/offspring lesson Xrac gave us

The most useful, in my opinion is the CFP. It can help you better understand the range of planning opportunities in every situation.

[Pusher08]

"In order to be good at this business you gotta learn this business and now is the time to do it..." Boiler Room.

I think that anything you do as far as gaining knowledge enhances your credibility ten fold with everyone (other agents, clients, etc). Too many designations however can be looked upon poorly. So pick one to three that you would like to specialize CFP or CLU etc. and you'll put yourself a step ahead.

If they weren't useful why would there even be classes for them.

[moonlightandmargaritas]

Originally Posted by DHK

After completing the LUTCF, I'd consider the CLU.

If you're serious about being a life insurance professional, go directly to CLU.

LUTCF is like kindergarten. Don't waste your time!