Financial Advising – Protect Your Reputation

The insurance and investing world has a great deal to offer clients. Annuities, life insurance and linked benefits policies are a few ways we advisors can aid individuals looking to…

The insurance and investing world has a great deal to offer clients. Annuities, life insurance and linked benefits policies are a few ways we advisors can aid individuals looking to protect their financial wellbeing. However, our field isn’t without problems. For every legitimate brokerage there is a scam waiting to steal hard earned money from unsuspecting victims. It is no wonder that our industry has a lot to prove when there are dishonest agents and companies giving us a bad reputation. So, what are some ways we can protect our reputation and redefine the insurance and investment industry?

  • Being Honest and Up-front Will Always Do More Good than Harm

Transparency has always been a problem when it comes to selling intangible products. Policies can be complicated and tied up in fine print, so your best bet is to know all of that fine print and know when it’s not the right product for your client. Protect your reputation by being candid and upfront if you think it won’t work for them. You might not get the commission you were hoping for, but you will gain the trust of you client and many times create a future customer.

  • Commission Driven Sales Can Blind a Good Agent

We need money to live and pay our own bills and when you make commission you are motivated to sell as much as you can as fast as you can. This may harm your reputation among your potential clients who know you need them to make money. The best way to gain trust is to be upfront about the products and be prepared for the no-sale. It might be frustrating, you might have to work harder to make enough to live on but being honest makes you an asset and clients will come back to you if they trust you.

  • Keep the Communication Open

Investment products like annuities are subject to ebbs and flows in earning potential. If the economy is struggling, clients won’t be earning as much money and might even lose some of their investment. The best course of action is to thoroughly explain the product to your client and be open to questions. Be available for future questions and be honest with your answers. Communication will go a long way in helping your customers feel secure that their money is in good hands and maintaining an excellent reputation.

The insurance and investment industry has had its ups and downs but if positive progress is going to be made it will have to start with the agents.

Comments are closed.