Graduating from college and looking for a job can be a distressing experience. The independence that was cultivated can wither quickly as you say goodbye to friends, box up belongings, and in most cases nowadays, head back to Mom and Dad’s place until you are able to find a job.
Many recent grads hope to get on their feet as quickly as possible in order to expedite the curious purgatory where most, for the first time in their lives, do not know what the next step will be. This confused state today is exacerbated by an unemployment rate hovering around 9% which in turn saturates the market with people who have professional experience and, out of necessity, are willing to take positions that were once only appealing to someone right out of college.
There is a lot of information out there about the graying of the work force in the life insurance field. And although there have been assertive efforts, some of which I have reported on first-hand, to diversify the workforce, the median age of a career agent is still 56. The median age is 52 for an independent agent; 51 for a full-service broker; 53 for an independent broker-dealer and 52 for an independent financial advisor. Given how close so many of these industry veterans are to retirement themselves, and how hungry most grads are for work, there is a considerable opportunity on the table here for life insurance companies to engage recent college graduates.
Life insurance companies have a reputation for not adapting quickly to changes in the marketplace as well as consumer trends, but that is not necessarily so. Take for example the transformation that has taken place in regards to social media. Many major life insurers have built an impressive social media presence and I’m sure that alterations and deviations were made when it came to allotting funds in order to establish that very presence.