When I was a teenager, a friend of mine resided in one of the most elaborate mansions in my hometown. Lots of toys too, like boats, jet skis and snowmobiles. All the things I dreamt of owning in my adult life. What was the source of all this luxury? Turns out the father was a "Stockbroker." That experience influenced my decision to become one. By the time I entered the industry 10 years later, we were called "Investment Advisors" or "Financial Planners."
I spent many years working as a "Financial Planner." To call me a "Stockbroker" wouldn't have been much of a stretch. I met with my clients regularly and had very high-trust relationships, but the product I promoted mostly was the stock market. I was obsessed with that market and how to master its violent swings. Experience has taught me that no one can master those swings. Financial planning needs to be about much more than reading charts, buying low and selling high.
If I were to go back in time, what would I change? The investment vehicle I regretfully overlooked the most was Life Insurance. It was easy to overlook. I attended "Insurance Lunch and Learns" many times in search of answers. My colleagues and I rarely found the answers we sought. Boardrooms full of Financial Planners licensed to sell insurance almost always left those meetings with full bellies, yet confusion of the Life Insurance options available to them and their clients. And those are people in the know. Outside of the industry, studies find that 88% of people aren't familiar with the different types of insurance options available to them. Millions of investors know they should have more Insurance coverage but they are not taking action because they are confused by the language used to describe the products.
Politics took me away from my Investment Advisory business. After politics, I developed a passion for technology and found myself working with tech companies that were much smaller than my previous firms but that were growing at astounding rates. Doing things differently. Bettering the way we do things. A more recent goal has been to help people re-think the way they think about insurance.
Technology is changing the way we do business. I built my business by making 13,476 cold calls to people's home phones. Many people no longer have home phones. I know many of those people feel let down by the returns they've realized working with traditional Investment Advisors. In 2007, Life Insurance options were presented via piles of raw data. A confusing and hard to understand presentation. 10 years later we are fortunate to have solutions like the insurance comparison software available at www.lifedesignanalysis.com. It uses technology to paint a picture. A very clear picture that caused a long time Investment Advisor like me to re-think the way I view Life Insurance. I encourage you to do the same. Your father's Life Insurance Salesman has gone the way of the "Stockbroker."
If you want to learn more about how Life Design Analysis can paint a clear picture for your clients, get in touch!