I had a recent talk with a financial advisor. She used to be a manager at a multinational company, but decided to do insurance part-time after she got married, as she was already getting bored with staying home as a housewife.
She shared the following thoughts with me:
Dislikes:
1. In the beginning, it was hard to face rejection. No matter how well you know your prospects, insurance is still a numbers game. She shared the 10-5-3-1 ratio they used to follow, meaning that from every ten prospects should come 5 appointments, from those 5 appointments should come 3 proposals, and from those 3 proposals will come 1 sale. But today, since many have no money, there are more insurance agents, and each one is competing to sell something. Now, the ratio seems to be more 25-5-3-1.
2. Income is unpredictable as an independent financial advisor, even if there is a twice a month release of commissions.
Wish List:
1. That ethics and thoroughness be practiced by all financial advisors. Eventually everyone in the industry gets affected by a few misrepresentations.
Likes:
1. Her profession can help people
2. Satisfied customers say thank you
3. She learns new negotiation skills
4. The free travel incentives forces her to get out of her comfort zone
Here is something I would like Financial Advisors to reflect on:
1.     How do you thin slice a qualified prospect versus an unqualified one before making the appointment to meet?
2.     How do you provide value to corporate clients beyond providing insurance? Â
