Tuesday, November 01, 2011

With my 12 years in life insurance IT, could I really have become a "financial" huckster?

Based on some current developments, I’ve had reason to ponder what a second career as a financial planner or insurance agent could have been like.

I’ve had agents court me (both for regular and long term care policies), and there’s a lot of hustling involved to set up meetings, often lunches, with potential clients.  New agents are expected to develop leads very quickly. Because of my brief discussions with two companies in 2005, I still get lots of emails about leads, which simply show me how the business works.

A financial planner may have to do this, particularly if he works for a brokerage company (like in the movie “Margin Call”) but if he or she works for a bank where potential customers are likely to have deposits or more conventional accounts, the job of getting business is obviously “easier”.

With retired clients, or those unlikely to increase income, financial planners often focus, in fact, on offering whole or universal life products for insurance and annuities for income, as if they were the “participating general” agents.

All this sounds like a far cry from Prime Vest’s gimmick of converting as many people as possible from whole life to term.

By the time I was approached for any of this, I was too far gone into the rabbit hole of my own journalism. 

No comments: