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Wealth Management vs. Insurance

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Jan 19, 2014 2:18 am

So I have gone on several interviews with people who claim they are "Financial Planners" IE: Northwestern Mutual, Mass Mutual etc... What I have learned from this experience is that this people who are 100% insurance salespeople and very little of them sell securities nor are licensed to even give actual financial advice.....

I have an interview with Raymond James coming up and I'm just curious does a firm like that concentrate on defensive financial planning as well such as life insurance/ disability etc.. if so how much of their commisions are based from that versus offensive investments. I'm really not into becoming an insurance salesperson. 

In other words is there a huge difference between these so called "Financial planners vs. Investment planners" or is it all one in the same?

Jan 28, 2014 10:10 pm

bump…i would really like to know as well. I have an interview with Mutual of Omaha and i am really not into selling insurance but i just want to get my foot in the door and get proper training for my certs.

Jan 29, 2014 9:34 pm

If you’re not into selling insurance then I wouldn’t go to an insurance sales company, but that’s just me

Jan 29, 2014 10:18 pm

Insurance Based Financial Advisors are insurance based, which pretty much means solely insurance. You will be in the ranks of many other “Advisors” who are still taking their securities licenses while selling insurance; then you are pretty much only going to use your securities to sell VA. Also, they won’t push you to get the securities side of things unless you want, aka little to no help. Also you will take the 6, 63, and 65 - which in my opinion - is inferior to the 7 and 66. You are better off going to a wirehouse, BD (indy if you can). Financial Advisor or Insurance Salesman - I’d pick Financial Advisor - don’t go Insurance Based Financial Advisor

Feb 23, 2014 6:18 pm

If you go with an Insurance Company there’s a good and a bad.
The good, in down markets you can lead with insurance. The bad, in good markets you will lead with insurance.

Feb 24, 2014 3:27 pm

The most a securities licensed insurance agent will do is sell a balanced asset allocation mutual fund…and it will most likely be a proprietary fund at that. Problem with insurance is you won’t get a good salary unlike at a wirehouse.

Feb 24, 2014 7:31 pm

Most insurance based companies push their new advisors to become 6/63 licensed. This will allow you to go one step beyond just the life insurance policy. However, your training with the insurance company will be solely on whole/term/uni life products, how to sell them, and how to fund them. It is great training if you want to sell life products to family and friends over the dinner table. Very hard to make a decent living if you are young and/or have very little sales/business development experience.

Feb 26, 2014 3:34 pm

Ask any prospective employer for a copy of a “real” financial plan they give clients.

That will show you if they’re a FP firm or just a sales outfit.

Feb 27, 2014 2:05 am

whats wrong with selling insurance? people need it. and you wont be just selling life insurance, you have disability, LTC, annuities, group employee benefits, which if you get securities licensed, you can manage 401k, ira, etc. so think BIG. if youre the type to make assumptions about insurance salespeople, you wont make it at a wirehouse either. because youll be too good to make cold calls. if your not comfortable approaching your friends/family who may need life insurance, youll never feel comfortable cold-calling a benefits manager with x employees and ask them to switch their DC/DB plans to you.

Oct 18, 2014 1:48 pm

Wow, Wolf. Such ignorance. I suppose when the CFP designation is conferred onto someone who works at Northwestern Mutual or Mass Mutual it’s no good? I personally know a CFP Wealth Management Advisor, who works for NM and I guarantee he can run circles around any wirehouse advisor. I also know an advisor from UBS who sells life insurance. Truth is, the client wants a personalized financial plan, not the latest stock tip. Financial plans should be comprehensive including both defensive and offensive strategies. The billionaire Forbe’s family values life insurance, in fact, they have a strong relationship with Northwestern Mutual. I’m sorry, you’re just ill-informed or uneducated about the industry.

Apr 25, 2020 6:33 pm

the white elephant in the room. …please tell me how is mass mutual an insurance company yet hires financial reps when the focus is insurance. I have an RIA. Please explain the benefits…