Wealth Management vs. Insurance

8 replies [Last post]
wolfofwalmart's picture
Offline
Joined: 2014-01-18

So I have gone on several interviews with people who claim they are "Financial Planners" IE: Northwestern Mutual, Mass Mutual etc... What I have learned from this experience is that this people who are 100% insurance salespeople and very little of them sell securities nor are licensed to even give actual financial advice.....
 
I have an interview with Raymond James coming up and I'm just curious does a firm like that concentrate on defensive financial planning as well such as life insurance/ disability etc.. if so how much of their commisions are based from that versus offensive investments. I'm really not into becoming an insurance salesperson. 

In other words is there a huge difference between these so called "Financial planners vs. Investment planners" or is it all one in the same?
 
 
 

msgamba1's picture
Offline
Joined: 2014-01-28

bump....i would really like to know as well. I have an interview with Mutual of Omaha and i am really not into selling insurance but i just want to get my foot in the door and get proper training for my certs.

Paranoid Android's picture
Joined: 2013-09-26

If you're not into selling insurance then I wouldn't go to an insurance sales company, but that's just me

JFinn's picture
Offline
Joined: 2013-06-14

Insurance Based Financial Advisors are insurance based, which pretty much means solely insurance. You will be in the ranks of many other "Advisors" who are still taking their securities licenses while selling insurance; then you are pretty much only going to use your securities to sell VA. Also, they won't push you to get the securities side of things unless you want, aka little to no help. Also you will take the 6, 63, and 65 - which in my opinion - is inferior to the 7 and 66. You are better off going to a wirehouse, BD (indy if you can). Financial Advisor or Insurance Salesman - I'd pick Financial Advisor - don't go Insurance Based Financial Advisor

cinderella's picture
Offline
Joined: 2007-08-29

If you go with an Insurance Company there's a good and a bad.
The good, in down markets you can lead with insurance. The bad, in good markets you will lead with insurance.

Belem148's picture
Offline
Joined: 2012-07-13

The most a securities licensed insurance agent will do is sell a balanced asset allocation mutual fund...and it will most likely be a proprietary fund at that. Problem with insurance is you won't get a good salary unlike at a wirehouse.

bhalbert's picture
Offline
Joined: 2012-10-26

Most insurance based companies push their new advisors to become 6/63 licensed. This will allow you to go one step beyond just the life insurance policy. However, your training with the insurance company will be solely on whole/term/uni life products, how to sell them, and how to fund them. It is great training if you want to sell life products to family and friends over the dinner table. Very hard to make a decent living if you are young and/or have very little sales/business development experience.

Amber_M's picture
Offline
Joined: 2011-12-26

Ask any prospective employer for a copy of a "real" financial plan they give clients.

That will show you if they're a FP firm or just a sales outfit.

GordonGekko513's picture
Offline
Joined: 2013-09-12

whats wrong with selling insurance? people need it. and you wont be just selling life insurance, you have disability, LTC, annuities, group employee benefits, which if you get securities licensed, you can manage 401k, ira, etc. so think BIG. if youre the type to make assumptions about insurance salespeople, you wont make it at a wirehouse either. because youll be too good to make cold calls. if your not comfortable approaching your friends/family who may need life insurance, youll never feel comfortable cold-calling a benefits manager with x employees and ask them to switch their DC/DB plans to you.

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×