Qualifications and Requirements to become Financial Advisor and Insurance Agent

Financial Advisors can be divided into four:

1. Life Insurance Agents
2. Investment Solicitors (Mutual Funds and UITFs)
3. Health Card Agents
4. Car Insurance and Non-Life Agents (Property, Fire, etc.)

Since financial advisors involve selling products to clients ideally, financial advisors should have both IQ and EQ because people skills are also necessary.

In the Philippines, financial advisors are not paid consultancy fees for their financial advice. The market for individuals who pay consultancy fees for financial advice in the Philippines is tiny. Most Filipinos still prefer free financial advice, so Filipinos usually prefer commission-based financial advisors.

FOR INSURANCE AGENTS

Here are the requirements to be an insurance agent in the Philippines:

LEGAL REQUIREMENTS:

1. Must be at least 18 years old
2. They must have taken the training and exam from the Insurance Company of their choice. We at Team Aetos are affiliated with Manulife Philippines because they offer a wide array of products. See this blog for the reason we chose Manulife.
3. Must pass the insurance exam by the Insurance Commission (government)

EDUCATION REQUIREMENTS:

As you can see, the requirements do not require you to be a business/finance graduate or college graduate.

CHARACTER AND PERSONALITY REQUIREMENTS:

The requirements for character and personality depend on the team you are joining. Most teams have their core values, missions, and visions. It is suggested that you ask for this information to know if the company’s core values and principles match your own. The company or team you want to work with may have its standards for hiring financial advisors.

FOR MUTUAL FUND & UITF FINANCIAL ADVISORS:

Many financial advisors also want to sell pure investment products because most mutual funds and UITF allow clients to open an account for only a P1,000 initial deposit with no early withdrawal fees. For example, Manulife Life Insurance Agents can be accredited as Manulife Investment Agents. A word of caution: some insurance companies say that they have investment products, but in reality, they are not pure investment products. All investment products of insurance companies have an insurance component and are usually unsuitable for short-term to medium-term goals (like buying a car or house in the next 2 to 3 years) because of the heavy insurance charges and the fees for early withdrawal. So consider asking the company you are joining if they have Mutual Funds or UITFs?

To be a pure investment agent, you need to contact a team offering UITF or Mutual Funds. For example, we at Aetos Financial are affiliated with Manulife Insurance and Investments. There is a separate examination for Manulife Insurance and Manulife Investments. Once you have a team you want to join, request the requirements to take the pure investments exam.

The first step to becoming a financial advisor is knowing if you are fit to become one.

Next Step: Take This Quiz To Know If You Are Fit To Become A Financial Advisor

WHO IS AETOS FINANCIAL:

Mark Fernandez, CPA, RFC, AFA, CWP, CEPP is the founder of Aetos and started as a part-time financial advisor at age 22 in the year 2009. Despite being a Cebuano and having no friends in Manila, he was able to create a system to grow his network and increase his client base which he teaches to his financial advisor recruits who became multi awarded advisors as well.

He is youngest Million Dollar Round Table (MDRT) Member Financial Advisor at age 23 despite having no parents/relatives working at the insurance industry. He is currently an MDRT life member and is a 2022 Top of the Table Member. Because of his length of experience, Aetos has hired, trained, and produced several successful financial advisors from Luzon, Visayas and Mindanao. Mark is also the chairman of the FinancePH Group of Companies where Aetos is one of the companies under the group. Aetos was the Top 1 in terms of FYP in IL’s life insurance agency rankings all over the Philippines in 2021. You may reach him at chairman@financeph.com or visit the Aetos office in Makati or check his website at www.mjtfernandez.com. He is currently completing his Master’s Degree at the Asian Institute of Management (AIM) Makati City.

Mica Fernandez, CPA, CWP, CEPP, GLMP is the President of Aetos Financial. She worked as an external auditor for 3 years at Price Waterhouse Coopers (PwC) (also known as Isla Lipana & Co.). While still working at PwC, she became a part time financial advisor at the age of 22. At age 24, she decided to resign from PwC and went to become a full time financial advisor despite earning only pure commissions and no fixed income. It was a leap of faith because she was still young and financially supports her parents who are in Batangas. Because her leap of faith, she received several awards from GAMA International as financial advisor leader.

She believes in the value of continuous education which is why she always kept herself up to date with the latest in finance to help serve her clients and advisors well. Today, she is now leading a group of dynamic advisors from different age groups and from different parts of the country with the hopes of reaching more Filipinos and helping them achieve financial freedom. She is driven by her personal mission of creating a positive impact in the lives of my advisors and clients. She enjoys mentoring new financial advisors to become multi awarded financial professionals.

*CPA – Certified Public Accountant
*RFC – Registered Financial Consultant
*AFA – Accredited Financial Analyst
*CWP – Certified Wealth Planner
*CEPP – Certified Estate Planner Philippines
*GLMP – Global Leadership Management Professional