financial planner career

[airelog234]

any advice on being a financial planner?

what to look out for, pros and cons, effect from family members, etc

 

[sg_investor]

I also want to know. Will it be replaced by robot too? Since it's really simple mathematics and prediction by econometrics is better than humans.

 

[agenda]

I also want to know. Will it be replaced by robot too? Since it's really simple mathematics and prediction by econometrics is better than humans.

Technology is an enabler.

As long as your salesman skills are good, technology will always be a complement. But the thing is, the industry is full of unskilled and/or unethical insurance agents therefore this field has a bad reputation.

 

[FP_IFA]

Technology is an enabler.

As long as your salesman skills are good, technology will always be a complement. But the thing is, the industry is full of unskilled and/or unethical insurance agents therefore this field has a bad reputation.

Most industry out there have unskilled and unethical elements as well. I think one of the main reason could be the way tied agents/advisers push their products. Because there are so many products out there, selling very often lead to comparing and then bad mouthing. Its okay to say a product isn't good but the moment you start to do a personal attack on the previous agent, it will eventually imprint a negative impression on the industry. Imagine the previous agent is a good friend or a relative and now you said he isn't ethical selling you a plan (without proof and not knowing the reason), this screw up the whole industry. Do we see taxi driver doing that, or doctors or lawyer or even property agents?

Is there a way out? Yes, build your own ethical reputation so it can shine in that darkness.

 

[akwl88]

how do you shine without conflict of interest?

 

[e1nin0]

hardwork and dedication together with discipline plays a major part in determining whether you do well or not.

 

[akwl88]

a lot of agents like to post motivational quotes and pics about hard work and success and say till like they slog their internal organs out

every time i see their posts on fb or instagram, i arm chio

 

[invigorated]

Technology can both be a complement and a replacement.

We probably underestimate how much jobs would be downsized or eradicated. Think of cd, dvd shops. Think of how retail is affected by online shops. Think of how smses are replaced by whatsapp, wechat.

Traditional insurance would still be around in next 5-10 years but once companies start to go online, i wonder how agents would thrive in that market.

To quote cna:

Mr Tharman pointed out that the job market of the future will be very different given the way technology is advancing. Jobs such as data scientists, software engineers and healthcare professionals will be in demand.

“There will be less need for lawyers, for accountants, for radiologists, financial planners, real estate agents, insurance agents - less need for them because technology will make it possible for customers, consumers to get what they want at a lower cost,” he said.

 

[akwl88]

Technology can both be a complement and a replacement.

We probably underestimate how much jobs would be downsized or eradicated. Think of cd, dvd shops. Think of how retail is affected by online shops. Think of how smses are replaced by whatsapp, wechat.

Traditional insurance would still be around in next 5-10 years but once companies start to go online, i wonder how agents would thrive in that market.

To quote cna:

Mr Tharman pointed out that the job market of the future will be very different given the way technology is advancing. Jobs such as data scientists, software engineers and healthcare professionals will be in demand.

“There will be less need for lawyers, for accountants, for radiologists, financial planners, real estate agents, insurance agents - less need for them because technology will make it possible for customers, consumers to get what they want at a lower cost,” he said.

http://www.straitstimes.com/business/banking/new-insurer-to-sell-policies-directly-to-consumers

alr starting

 

[FP_IFA]

how do you shine without conflict of interest?

By planning for your client with the client interest in mind.

 

[akwl88]

By planning for your client with the client interest in mind.

any examples on news?

 

[FP_IFA]

Technology can both be a complement and a replacement.

We probably underestimate how much jobs would be downsized or eradicated. Think of cd, dvd shops. Think of how retail is affected by online shops. Think of how smses are replaced by whatsapp, wechat.

Traditional insurance would still be around in next 5-10 years but once companies start to go online, i wonder how agents would thrive in that market.

To quote cna:

Mr Tharman pointed out that the job market of the future will be very different given the way technology is advancing. Jobs such as data scientists, software engineers and healthcare professionals will be in demand.

“There will be less need for lawyers, for accountants, for radiologists, financial planners, real estate agents, insurance agents - less need for them because technology will make it possible for customers, consumers to get what they want at a lower cost,” he said.

Almost every job in the world would be affect if they don't react fast. But if every job can be replace does it means then I don't work now? Or I should GIVE UP and switch? But switch to what since everything is replaceable in future?

If you are a technician and I said ok robot going to replace you in 2 years time, would you switch to another job or upgrade yourself and learn how to operate a robot? What happen then when the robot becomes fully automated and doesn't need an operator?

There are a lot of questions. Meanwhile just do your job better than others and constantly upgrade. The only things we can do now is to keep ourselves ahead of our peers, open our eyes and be nimble. Be at the front when it comes to learning new things. Staying stationary is the sure way to die now.

 

[invigorated]

Almost every job in the world would be affect if they don't react fast. But if every job can be replace does it means then I don't work now? Or I should GIVE UP and switch? But switch to what since everything is replaceable in future?

If you are a technician and I said ok robot going to replace you in 2 years time, would you switch to another job or upgrade yourself and learn how to operate a robot? What happen then when the robot becomes fully automated and doesn't need an operator?

There are a lot of questions. Meanwhile just do your job better than others and constantly upgrade. The only things we can do now is to keep ourselves ahead of our peers, open our eyes and be nimble. Be at the front when it comes to learning new things. Staying stationary is the sure way to die now.

To be fair here, the earlier posts were in response to someone considering an insurance career and not someone in it. Agree that if you are already in it, best to be abreast of things and upgrade accordingly. Stay nimble like you've said.

I disagree however to your point that all jobs are replaceable. There are some jobs out there that are less susceptible to technological advances such as scientists, designers, chefs, elderly caregivers, pilots, specialists etc.

 

[BankerX]

My advice is to work in a bank first and build your own customer base. You would get the relevant experience in unit trusts and insurance products but more importantly you will expand your network beyond family and friends.

It will be more stable as you will have a basic income and you can see if this line is for you. If you do well in the bank, then you can consider moving to be a financial planner. You will have a higher chance to succeed as you would have a bigger network to tap on.

This business is alot about relationships, robots cant replace that. They would probably value add to it but not replace it.