Many insurance professionals are transitioning into financial planning, expanding products and services due to both requests from clients and because of the increased opportunity provided. Consumers have greater needs and are looking for broader services.
There is more competition, so offering financial planning gives one a greater entr?e with new clients. Some find that one answer to these challenges is to offer financial planning and have broadly recognized financial planning credentials. One of the most widely known in the public’s mind and in press reports is the Certified Financial Planner, or CFP designation.
Firms that recruit new people make a huge investment in training, strategies, product knowledge and sales. Hiring recent graduates of CFP Board-registered programs can give you a leg up on the recruiting and training process.
The Certified Financial Planner Board of Standards requirements for use of the CFP marks include the four “E”s: Education, Examination, Experience and Ethics. There are 310 registered programs at 191 institutions that provide an educational program that meets the education requirement.
Thousands of folks complete these programs every year and they are looking for work – a place to use their newly acquired knowledge and skills. They have valuable technical skills in cash flow, retirement planning, estate planning, insurance, income tax and how to integrate these disciplines.
They are typically very client-centered and view financial planning as a helping profession. To paraphrase the old Clinton campaign slogan, “It’s about the client, stupid.” Program graduates are looking for someplace where they can really help people while using their new skills to do it right.
They are generally bright and have demonstrated commitment in that they have worked very hard and spent quite a lot of money to achieve the completion of the educational program. So, you already know they are intelligent, committed and willing to work hard. Many have the entrepreneurial spirit and/or sales experience.
Most graduates of these programs can be divided into 2 groups: career-changers; and those graduating from college who are new to the workforce.
Career-changers are typically in their mid 30s and older. They frequently have a college degree or an advanced degree. They have been in the workforce for years and are either drawn to financial issues and/or want a more fulfilling job. By fulfilling, I mean both in financial opportunities and in experiencing personal fulfillment from helping people.