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Recently, we have been asked frequently what does a financial advisor do?
So here is our quick answer on what are the duties, responsibilities, and job description of financial advisors:
- PROSPECTING – List down friends, family, relatives, and colleagues who need investments, mutual funds, uitf, life insurance, health card, car insurance, and more.
- SETTING APPOINTMENT – Contact your prospective clients for a meeting. Some younger clients prefer online meetings, but some prefer you visit them in their office or their residence. Some also prefer to meet in a nearby coffee shop.
- BUILDING RAPPORT – Take time to know your client. Where does he work, is he married, how many kids, what was the reason for meeting with you? These are some of the questions to ask, among others.
- NEEDS ANALYSIS – Identify the needs and wants of the client. At our team in Aetos, we use a needs analysis framework to pinpoint the right needs/wants of the client before we present a solution. Encourage the client to open up so you can pinpoint areas where he needs your help.
- SOLUTION PRESENTATION – Present a financial product that solves the client’s needs – is it life insurance, a savings program, health insurance, or a retirement program? Some clients prefer only pure investments without any insurance so it would be good if you could products from different companies and not just one company. Some clients also need other products like car insurance or fire insurance.
- HANDLE OBJECTIONS – If the client is listening closely to your presentation, chances are there will be objections. Most people think that objections are not good. But in reality, it means that the client is interested and so they are asking. Acknowledge those objections and respond appropriately.
- ASK FOR REFERRALS – Most advisors usually skip this process. But if you want to be a successful financial advisor, do not skip this. I have been a financial advisor since I was 21 years old and became an MDRT at age 23. MDRT members belong to the top 5% of financial advisors worldwide. And this has been one of my secrets to achieving success as an advisor.
- POLICY DELIVERY – Another commonly skipped process is the policy delivery process. In this process, you discuss the policy’s benefits, preferably with the beneficiaries. This is an opportunity to sell also to the beneficiaries or cross-sell other products such as NON-LIFE INSURANCE (car and home insurance), HEALTH CARDS (no reimbursement needed health insurance), PURE INVESTMENT PRODUCTS LIKE MUTUAL FUNDS AND UITF other products.
- ANNUAL REVIEWS – Regularly provide continuous after-sales service to get new client referrals and repeat business. This is the best way to have a long and fruitful career as a financial advisor.
If you are considering becoming a financial advisor, give it a try. Who knows, this might be your calling in life.
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
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