Not here to make enemies

[brian7777]

I have nothing against insurance agent but it bothers me that they refer to themselves as Financial Advisors. It's misleading since their main aim is to sell a product not to provide the best financial advice to a person.

 

[gasser]

@brian7777 Just marketing for ya. You’ll find that some job positions are like that. Marketing to make it appealing to those who will apply or to those they will cater to.

 

[kostak]

@brian7777 Insurance agent nowadays undergo trainings to be able to give sound financial advise to their clients depending on their needs. However, they can only recommend the products that they have.

If someone approaches you about an insurance product without asking for your financial goal and/or status aside from your work or income, then you are talking to an agent. A FA would take into consideration your overall financial welfare when recommending any investment products.

 

[brian7777]

@kostak They are asking for financial welfare to determine which of THEIR products to offer, still not to give the best financial advice. I've talked with several insurance agent, even those with background in financial planning, and they all have the same pitch just different company products. They will even push for VUL even though it's already known that there are much better investment options. I dont expect them to tell people those options because they are not talking to people as advisors but to sell a product. I dont expect a car salesman to tell me that it's better to utilize TNVS and/or just move closer to my work given the traffic and maintenance cost of a car and just invest my money. That is why they are called salesmen/women not advisors.

 

[kostak]

@brian7777 We have different experiences dealing with FAs.

Ganito lang yan. Kung alam ng client ang gusto nila, mas madaling mama-match ng FA ang products nila sa requirement ng client. Kaya nga lang, kulang sa kaalaman ang mga clients kaya madali ring "maloloko".

I don't want to villianize all the FAs because some, if not, most of them have geniune concern to their clients. Let us be responsible enough to educate ourselves rather than passing all the burden to FAs. After all, it's our money.

 

[brian7777]

@kostak Exactly the point, it is not their job as insurance agents to educate us though usually that's what they are saying. Hence, the "financial advisor" title. If they are financial advisors, as what the title implies, then it is their responsibility and burden to carry. Im not trying to make them villains here. Actually, it will be beneficial for both sides. Many people think na "naloko" sila kasi it turned out may better investment options pla kaysa sa sinabi ng "FA". However, if yung mindset natin from the start plang ay hindi sila "FA" but product agent then magkakaroon ng proper expectation from both sides.

 

[kostak]

@brian7777 They used to be called as insurance agent. But they added value to their job, and that is, by giving financial advice to their clients. Hence the name Financial Advisor.

Whatever advice that they give, it's always limited to the products that they have. Of course, there will always be a better product out there in the market and they cannot tell you that because they can only represent the products that they have. It's the client's responsibility to research for the best product that suits them.

You can avoid transacting from FAs and it's your choice. However, we cannot disregard the fact that some really do take their jobs seriously and not just to sell insurance.

 

[azon]

@kostak

y give, it's always limited to the products that they have. Of course, there will always be a better product out there in the m

It's uncertain whether ALL financial advisors solely provide life insurance, as some may offer additional resources like free budgeting software and suggest investment options that are not insurance-related. I have a high-quality financial advisor who I consider to be more of a financial consultant, since they provide me with transparent information about various investment vehicles. This includes options beyond insurance and allows me to make informed decisions about my finances.

 

[easternorthodoxnerd]

@brian7777 Just sharing my experience.

I used to work as a Financial Analyst for Thomson Reuters Corporation. We have an asset management product called TR Eikon that rivals Bloomberg's Terminal (something for all you trade junkies to check out though it's price is not for the faint of heart). I did a lot of Fundamental Analysis work to assist our clients when making trade decisions. Then I was pirated by our #1 client, MSCI Inc. My stint there was ESG Analysis, so instead of quantitative analysis, I did qualitative analysis on investments for clients.

I did all that for a sum total of 3 years. To be frank about it, money was good and I had a hefty sum of it for a 24yr old at the time.

This is the reality. Prior to this I've educated myself with investing strategies by Buffet, Monger, Dalio, etc. I even read through Gold Man Sach's suggested reading for people who want to get into that bank (this is one of USA's best banks).

So I felt like I knew how to manage money. Knowledge + Experience. This COULD NOT have been farther from the truth. Long story short, I lost almost all my money doing business (3 failed startups) but that's everything to do with my personal management etc. and I say this with personal trading histories of 30%-60% gains every quarter since I started investing.

My point. I only actually started learning how to manage money when I joined the Insurance Business (our family business). My mom pestered me for years to educate myself about it but I never gave it time.

Only when I hit rock bottom and joined the insurance industry because I was broke and had nothing to go on, did I start to make big changes in my life. From 2019 to 2020, I broke through a lot of debt I had and manage to save a hefty sum to start meeting my financial goals again. This year, despite there being a pandemic, we manage to pay off for a good wedding that I didn't even dream of being able to fund or save up for, got a car, land, made investments in agriculture, and it all happened in 1 year. Mind you I was BROKE before all this.

And if you're still not at the very least doubting your pre-assumptions about "FAs" yes not all FAs are perfect on the onset, but can you say the same about other professions? Are all engineers perfect? accountants? lawyers? There are seasoned advisors out there and I urge you to go and meet one. I am willing to bet that mindset-wise, something will change.

Here's my takeaway, if you want to learn how to properly manage your money, the insurance industry is a great place to start. It teaches you the basics of personal finance and it teaches you asset protection (risk management) from the very beginning. You pay less than 6k (for your license) and you get access to some of the best training about finance for FREE (majority) and access to knowledge from some of the best finance professionals in the industry. And yet people pay more to learn how to trade, invest, etc. I remember paying Maybank 50k+ just to learn technical analysis. Now if I were to compare the ROI on those 2 investments...hehe I think you know kung saan yung naging mas fruitful.

It's the most overlooked area of finance because it doesn't give people that instant gratification that they want from buying stuff, or trading and making gains etc. To make things simple, di ka papayamanin ng insurance, pero sisiguraduhin nya na hindi ka mamumulube.

I'm writing this not to construe you or throw hate, I write this because I want to give credit to those advisors who are doing a good job. Working their butts off for their clients' futures. Making a living from this profession. I apologize for our colleagues who've done others a disservice but I will not apologize for caring about my clients and helping them understand the importance of protecting their money and assets.

I wish someone had done that for me back when I was financially sound.

Peace guys! Chill lang tayo, no hate, just love. I want to help too

(I'm ready for violent reactions now)

 

[lta]

@brian7777 Agent here aaaaand i agree 100% hahaha

 

[wechez]

@brian7777 What bothers me more is that you started the sentence with "i have nothing against insurance agents" but pointed out repeatedly sa comments of the things they should and should not do. I also dont think that its very misleading to call it "financial advisors" since the reason why they are offering their products aside from working on a certain company, you have to be honest too sa mga needs mo for them to tailor it just for you and your needs. you may ask them why is it better to have a VUL than your traditional insurance and sasagutin ka naman nila directly. kaya nga sila financial advisors kase nag aask ka particularly from them regarding what's best for you and your money.

 

[brian7777]

@wechez The only thing na sinabi ko na that bothers me is them calling themselves advisors. What else I said na dapat gawin o hindi nila gawin? What is wrong with being called a product agent ba? May FA ka na bang nameet na nagsabi sa'yo na better to get term na lang and invest ka na lang sa mutual funds via other means kasi mataas yung management fee nila? Kung meron man, thank you, but in reality hindi sila trained to say that. Malamang pagnalaman pa ng boss nila mapagalitan sila. And there is nothing wrong with that kasi nga they should be selling their product. I dont expect them to give me the best financial advice unless yung product nila ang nagooffer nun (which most if not all of them claim, as expected and again nothing wrong with that). Dahil ba mas marami na silang products na pwede ioffer kaya FA na title nila instead of agent?

 

[resjudicata]

@wechez

What bothers me more is that you started the sentence with "i have nothing against insurance agents" but pointed out repeatedly sa comments of the things they should and should not do

isn't that always the case? "Not to be rude but...", "Just being honest...", "I like you but...", "It's not you it's me...".

 

[resjudicata]

@brian7777 Mabibilang mo sa kamay ang TRUE F.As ... Ask questions before investing the money kasi it is your money lalo sa pa atin na HARD EARNED MONEY yan.