Insurance Agent Vs Financial Advisor
- Thread starter FBN
- Start date
- 11,519
I wouldn't say advisor... but I would use 'consultant'. Anyone can be a consultant and the term has no regulatory issues (that I'm aware of).
- 687
Isn't a consultant just another name for advisor?
- 181
I graduated at Rice U's CFP class. All of the letters you mentioned would be closer to a Financial Planner. As a former member of the FPA, I would have a hard time referring to myself as a FP. Licensed Insurance Agent for 30 years...I can hang my hat on that...never have to worry about a hidden objection.
BTW, the Fidelity Guys were the Smartest Guys In The Room...
- 11,519
No.
The titles that face the highest amount of regulatory scrutiny are "Advisor" and "Planner"... not to mention any title that has the word "senior" in it... but I digress. Both are understood that the advisor/planner are under the fiduciary standard of care.
The term "consultant" doesn't have that connotation. Just don't use registered trademark terms unless you are properly allowed to do so - such as Registered Financial Consultant (RFC) or Chartered Financial Consultant (ChFC).
What you want is a title to describe what you do as far as your relationship with the prospect is concerned. You want to show that you're on THEIR side to help them make informed decisions that feel right to them. That's what a consultant does. The terms 'agent' or 'representative' don't help in that area. They say that you're a 'company man' and that you're more interested in the sale and your company than you are in your prospect.
It's subtle, but it's the way I feel about it.
- Thread starter
- #7
Being able to tell people what you do and who you do it for are more important than a particular title, but sometimes you have to use a title when going through a paragraph-long elevator speech isn't appropriate.
I find "financial advisor" is universally accepted even if people's definition of the title varies person to person. Personally, I'm not going to be bullied into using or not using a perfectly legal term such as "advisor" - which is not copyrighted or protected supposedly like "financial planner" on the basis of my compensation model.
I'm fine with referring to myself as a life insurance agent or even "financial professional", but most of the time, that term only conveys a small part of what I actually do in the course of building a client case, even if life insurance is a part of almost every case.
I find "financial advisor" is universally accepted even if people's definition of the title varies person to person. Personally, I'm not going to be bullied into using or not using a perfectly legal term such as "advisor" - which is not copyrighted or protected supposedly like "financial planner" on the basis of my compensation model.
I'm fine with referring to myself as a life insurance agent or even "financial professional", but most of the time, that term only conveys a small part of what I actually do in the course of building a client case, even if life insurance is a part of almost every case.
- 4,132
Actually you need to check with your state's OIC to see what they allow you to use. Failure can mean fines and a suspended license. Since you didn't list your home state, nobody really can tell you what is or isn't acceptable.
I always kinda giggle about what an insurance or securities licensed rep can use in their title when my bank teller can have financial consultant on their plastic name badge. But hey, that's the law.
Check with your OIC. They're the ones who can spank you if you do it wrong, so they would be the ones to ask.
I always kinda giggle about what an insurance or securities licensed rep can use in their title when my bank teller can have financial consultant on their plastic name badge. But hey, that's the law.
Check with your OIC. They're the ones who can spank you if you do it wrong, so they would be the ones to ask.
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