Need Clarification

[darnardo]

The difference between Financial advisors and insurance agents are that advisors give advice on broader financial products including commercial banking products, pure investment products as well as insurance products. Agents only advice on insurance related products...correct?

Also...

In the US, in the case of malpractice with agents and advisers do affiliated insurance carriers claim reposonsability and reinburse the client for their losses?

In the UK, "tied" advisors are backed by their insurer but independent advisors aren't.

Thank you

 

[xrac]

The difference between Financial advisors and insurance agents are that advisors give advice on broader financial products including commercial banking products, pure investment products as well as insurance products. Agents only advice on insurance related products...correct?

Also...

In the US, in the case of malpractice with agents and advisers do affiliated insurance carriers claim reposonsability and reinburse the client for their losses?

In the UK, "tied" advisors are backed by their insurer but independent advisors aren't.

Thank you

Another great post!

 

[somarco]

Agent, broker, financial planner, financial advisor, benefit specialist, or simply "The One" . . .

We can call ourselves anything we want and don't need papers to prove our claim.

Sweet, huh?

 

[GreenSky]

When someone questions my expertise, I simply show them my membership card in Chump's Association.

Rick

 

[bill3173]

Agent, broker, financial planner, financial advisor, benefit specialist, or simply "The One" . . .

We can call ourselves anything we want and don't need papers to prove our claim.

Sweet, huh?

I'm in total agreement. Most that call themselves financial advisors are the most worthless assholes that ever walked the planet and just rob old women of their life savings.

You never get to talk to the people that actually have the scoop. I've got two financial big shots on my agency, one is a wholesale bond trader, that knows so much it's almost ridiculous. He mapped out GM's fate for me last December, and almost got it down to the day that they would declare BR and what the bond holders would get.

He gave me BAC's debt and where the stock was heading, 3 months before it got there.

 

[moonlightandmargaritas]

Most that call themselves financial advisors are the most worthless assholes that ever walked the planet

Many are life insurance salespeople...in disguise.

 

[somarco]

He mapped out GM's fate for me last December, and almost got it down to the day that they would declare BR and what the bond holders would get.

He gave me BAC's debt and where the stock was heading, 3 months before it got there.

That's fine, but can he give me tomorrow's winning lottery numbers? If so, I might be willing to work out a split.

 

[darnardo]

Putting the importance of titles aside -I'm sure financial advisors get laid more but hey that's beside the point^^

It is commonly known that in the US independent agents (including PPGAs and brokers) are the main channel in the US for life insurance products.

In the UK however independent financial advisors (IFA) are the main channel. I heard this has something to do with the advanced pension market in the UK. If someone knows about this please let me know more...