Posted on May 9, 2009 - by Eng Tiang Chuan

Career of last resort?

Photo by *Aemaeth*

It was reported in an article on today’s issue of The Straits Times that “more job seekers are more willing to pursue a career in the sector during bad times”. While the bosses of the insurance firms welcome this as they build up their agency strength, I am not too optimistic on this development and think this will only give the industry more bad name.

It is an open secret that many view financial advisory as a tempory job, stop-gap measure or as a testing ground for a career change. The barrier to entry is low as there are just a few papers to clear before one can start selling. Note that I use the word sell and not provide advice. Many in the industry would sell on the features of certain products or use emotional selling to push the products. This can be picked up easily from the trainers and sales kits. To provide advice, one must have some sort of expert knowledge not only of the features of products but also its uses and implications and how it can help solve problems or meet objectives.

I get worried when fresh grads start joining the industry due to the depressed job market. Not that I don’t think they are not up to scratch but the question is: are they suitable? Read more…

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