Financial Planner or Insurance?

[TsMortgages]

Hey guys

So I am looking at making a career change. I currently work in sales and have experience in Finance. I am looking to get into either Financial Planning or being an Insurance broker.

Does anyone have any insight or experience they could share with me in these industries?

[skandalouz_08]

I currently work for Sun Life as an Advisor and do both insurance and investments.

As a Financial Planner you'll more than likely do both sides of the picture, which company you go with will ultimately determine which one you focus on more, although there are ways to focus on both.

For example Sun Life is geared towards insurance and has been forever, they are trying to change their focus to have more investment influence, but as with any big corporation, it takes time and won't happen right away. Investors Group on the other hand is very investment focused and while they want you to have your insurance license as well, it isn't mandatory when you start there and can partner up with someone who sells insurance.

I could write pages of stories comparing the two and talking about the career. Shoot me a PM if you have direct questions and I'd be more than happy to answer.

[2000_SI]

I used to work as an advisor with Edward Jones, so I did both investments and insurance, although a majority of my business was investment/financial planning focused.

Can you share any more as to where you are looking at working? Will you be given a book to grow, or do you have to start from scratch? What is your background? Have you done prospecting before? At Jones it was door-to-door, which while effective, was very draining, both physically and emotionally.

Do you have any interest in either area? It would certainly help keep motivation up when the days get long/tough.

Insurance can be tough, you live on the big sales and it is a very competitive industry. With brokerage, you can usually try and sell yourself on the financial planning base, and use that to steal investments/insurance from another firm. Rate's & product offering are almost 100% the same (unless you are selling proprietary funds, but even then they are pretty much the same as another firms, just different name), the number one thing you have to sell is yourself.

[TsMortgages]

I am more interested in working at the bank as you don`t have to hunt for clients quite as much.

I actually looked into Edward Jones at one point but was not thrilled about going door to door so I quickly moved on.

I would probably be interested in working at a brokerage too as long as the marketing is there, or a book I can work off of. Not looking to go door to door lol.

[Zewind]

Go brokerage, you see more income, and you arent limited to just selling the banks product :thumbsup:

[atgilchrist]

If your not willing to prospect, you won't make any money (relatively speaking). I think you would find the banks very limiting.

[TheRealTimHorton]

If you want to be a beyond baller you will have to go for the corporate clients if your on the sell side.

[2000_SI]

Originally posted by TsMortgages
I am more interested in working at the bank as you don`t have to hunt for clients quite as much.

I actually looked into Edward Jones at one point but was not thrilled about going door to door so I quickly moved on.

I would probably be interested in working at a brokerage too as long as the marketing is there, or a book I can work off of. Not looking to go door to door lol.

The market is competitive out there, and I know that even RBC and HSBC are starting to send their people door-to-door to solicit business. Don't think that just because you are at the bank money walks in the front door, because it doesn't. Yes, you will get more referrals than starting your own shop or doing the Jones thing, but at Jones your first year goal may be $5M, where as at a bank it may be $16M. Add to this that typically sophisticated investors (read: rich) tend to want the services and products not offered on the retail side of the bank.

Mind you, I don't know what your familiarity is with financial products. Working on the retail side will certainly provide experience on the investment & financial planning conversation, and as you get comfortable and experience you could make a move to the brokerage side, such as Dominion or Waterhouse.

[TsMortgages]

Wow thanks for all the input guys.


I understand that there is prospecting regardless of which direction I go. I was recently a mortgage broker and found when I was starting out you were completely on your own with most brokerages so trying to avoid that situation if possible.