When I started as an advisor last 2009 right after college, being advisor was not yet a hit. There were only few advisors that you can find. More than 10 years after, a sudden shift happened. Younger financial advisors are joining the Philippine Industry. Most insurance companies are doing their best to attract the best talents to be one of their financial advisors. With all the advertisements on recruitment that you can find online, you may be wondering which insurance company is really the best for you. In reality it is hard to say which is the best but we made a simple guide on how to choose the best insurance company and best team for you:
1. Compensation and other benefits
One of the reasons why you want to be an advisor is because of the unlimited income that it offers. When choosing which company to join you should ask yourself if they are paying their advisors properly for every sale they make? Hence, it is important for you to do a comparison on the compensation and benefits that insurance companies offer to their advisors. What I love most in the company that I am in now when it comes to compensation is the renewal commission.
Based on our research Insular Life is the only Philippine Life Insurance Company that provides the highest commission rate of 65% on the first year, 27% on the second year and 20% on the second year with bonuses. There is a separate article for that here.
As a financial advisor, we should always make company’s stability part of our consideration. Because a stable company means a stable position for us financial advisors. In addition, a stable company would mean that we can fulfill our promise to our clients. In accounting, we call this going concern.
The first two items talk about the consideration on which insurance company you can be part of. The next three will focus on the consideration on which team to belong with.
Why is choosing a team equally important as choosing an insurance company? Because the team you are part of influences majority of your actions and decisions. In playing basketball, for example, you know that if your team is not that good your performance will also be affected and may result to a bad game. That is same in insurance. The people you associate with most of the time impacts your performance, your behavior, and your decision.
3. Vision and Mission
Vision is the direction on which the team wants to go. If you are an achiever type of person, you need to associate yourself with group of people who has a vision of success for their future. A team without a vision is like a lost sheep without a direction.
Mission on the other hand is the purpose of being. It is important that you are part of a team who works for a common purpose. A purpose that will not only serve themselves but the society.
We can all agree that change is the only constant in this world. Hence, it is very important that you are adaptable to any change. It is of equal importance that the people you are associated with are also open and adaptive to change. This will help you cope up with change easily.
When the global pandemic happened, there was a sudden shift on the way we do business as a financial advisor. What used to be a face-to-face transactions became virtual and completely digital. It is a shift that none of us ever imagined. But it is something that we need to adapt. Thankfully, I am part of team who thrives even amid discomfort. Our team was able to transition and adapt to changes. With the help of technology and our partner insurance company, we were able to get up and get the ball rolling again. In fact, our team was awarded as top in terms of no. of saved lives during lockdown: Our Aetos Advisor Awarded #1 Advisor Nationwide During Lockdown.
Lastly, values are very important in choosing the team that best suits you. All teams have a shared values and belief. Opposing values among team members can cause your team to go down. Worst a team with no values at all can cause your its team members to go down to the pit with no chance of recovering. Hence it is important that the team you are to part of has core values and at the same time you have the same values as them. Nothing beats a team with a unified values and beliefs.
Achiever, Enthusiastic, Trustworthy, Outstanding and Smart are the core values that we hold dearly in our team. It serves as our manual in making critical decisions.
These are the five simple guides that can help you choose which insurance company or team is the best for you. If you wish to try to become a financial advisor, take the are you fit to be a financial advisor quiz below.
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