Skip to content

Four Effective Habits Of A Good Financial Planner

I got a chance to meet up with a Prospect today armed with a Brochure from other Insurance Company, trying to size me up after being “brain-washed” by the other Financial Planner on how bad (the plans, the company, the claim, the structure, in short everything is bad…).

End point is that the Prospect is very much convinced to get the Plan after the “brain-wash” and just need to make sure that he is doing the right thing and everything that the other Financial Planner has said is true…

So here I am wondering, why does the Other Financial Planner need to do that – just to get the business? Can’t he/she convince the Prospect with the level of service, sincerity, and competence?

As such I decided to do up this post to share my views on the Four Effective Habits Of A Good Financial Planner:

Here Goes…

Four Effective Habits Of A Good Financial Planner

1. Shall Not Bad-Mouth Their Competitors

There is something called “what goes around, comes around”, in my early days of financial planning, I have tried to get more business by downplaying my competitor and when my previous company decided to retrench the whole sale force, I got into the same company that I have downplayed all these while…

My previous Clients did not want to follow me along because I have bad-mouthed. They do not see their future being planned well with the company that I have downplayed. This also means that I have no repeat business.

2. Shall Be Truthful All The Time

This is something I hold personally to. Being truthful at all times. If the Plan is made up of a Guaranteed and Non-Guaranteed Portion, explain this truth to your Potential Clients. If your Plan has a lot of Charges and Fees, explain the truth to them. They need to know.

I have came to know that many Customers had set aside their Whole Life Savings into a Plan that’s not guaranteed, has a lot of charges and a lot of potential risk… Ending up only to have their Capital returned at the end of the investment tenure – with no interest earned. Better off with a normal bank savings account!

3. Shall Not Be So Pushy

This is applicable to those who are representing just a single insurance company. Not all products are created equally for all people. There are some benefits that’s being offered by other companies and not the company that you are representing. If you know that your product (in particular) does not suit your Client, do not push! This will not do good.

As a good Financial Planner, it’s your job to make sure that your Clients are well taken care with the right Solutions – even if you have to give up an area of planning that your company does not fit well in.

4. Shall Explain Clearly And In Simple Terms That Your Customer Can Understand

As a good Financial Planner, it’s our duty to explain well on the insurance plan, application procedure and what to expect to the Customers.

The benefits are two-fold, one being that your clients understand what they have just bought and would hold on to it to their benefit and should anything happened (bad) because of some misunderstanding, you are well-covered because you have done your duty well in the first place!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.