Financial Advisors

Toronto|Vaughan, Ontario, Full time

A financial advisor helps customers plan for their future by discussing investment options that can help them reach personal and family goals. They periodically meet with clients to discuss their financial portfolio and recommend adjustments as needed.

As part of their insurance advisor job description, they interview clients to determine their current income, expenses, financial objectives and tax status, and how much health, home, car or other types of insurance coverage they would like to purchase. Those employed by a life insurance company help clients figure out how much insurance they can afford, as well as how much coverage they need to ensure their loved ones will be cared for upon their death.

 

Daily Job Duties

Effective marketing of personal services and insurance products is essential to success, according to Kaplan Financial. Clients seldom walk through the front door on their own eager to buy financial products. High performing financial advisors employ multiple strategies to build their business through cold calling and scheduling appointments, online advertising, social media networking and direct mailings.

As an insurance company financial advisor, you greet customers, answer questions, discuss insurance options, analyze customers' incomes and expenses, research insurance opportunities and create customized plans. You help clients complete paperwork about lifestyle habits and any long- or short-term illnesses, as well as discuss how age affects insurance premiums and coverage. Insurance company financial advisors also monitor clients' accounts to determine if changes in coverage are needed and help clients plan for specific life altering circumstances, like getting married or having children.

Necessary Skills

Financial advisors within an insurance company must have a strong understanding of various insurance policies, regulations and laws. Knowledge of accounting principles and practices and an understanding of financial markets and sales principles are also necessary. These professionals must have strong communication skills to converse with clients, as well as exceptional customer service skills to quickly assess a client’s needs and meet their goals. Since financial advisors interact with clients daily, they need to have strong verbal communication skills to explain complex insurance concepts and principles in an easy to understand way.

Education and Certification Requirements

Financial advisors in all business, including insurance, typically have a bachelor’s degree in finance, economics, accounting or business. However, a master’s degree can help assist you with additional advancement opportunities in the field. According to O*Net Online, 52 percent of financial advisors have a bachelor’s degree, while 35 percent hold a graduate degree.

Financial advisors require a combination of certifications and licenses that are issued by state regulatory boards, according to the U.S. Bureau of Labor Statistics, or BLS. Additionally, belonging to a national association, like the National Association of Insurance & Finance Advisors, or earning specialized credentials, such as Certified Financial Planner, can enhance your credibility to customers. To earn the CFP credential, you must meet education and experience requirements and pass an exam.

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