Part 6 : Insurance/Investment Advisor
Computer Skills needed : Moderate
Investment : NIL
Period to learn and earn: 2-6 Months
You have heard of Insurance or LIC Agents already. It has always been necessary to secure future of life, health and assets. Now, there are many insurance companies, both government and private.
Similarly, people have been looking for investment avenues to grow their wealth for secure future, retirements, children education, marriage, buying property, starting business etc. Since last many years, many options are available, like post office, fixed deposits, honds, debentures, shares, mutual funds, real estate and many more.
To start as an Insurance Advisor, you need to appear and pass an examination conducted by IRDA. Similarly, for investment Advisor, you need to appear for AMFI examination. You can prepare and appear for these examinations with 1-2 months of study.
You can become both Investment and Insurance Advisor at the same time. Companies pay commission from 0.5% to 15% on your work.
The following concepts, you need to study and understand to become such Advisor:
For example,
Insurance Advisor- Meaning of insurance
- Insurance oeganization
- Understanding client needs
- insurance types (Life, health, General)
- Policy, premium, maturity, claims, taxation
- Meaning of insurance
- Investment organization (mutual funds)
- Understanding client needs, goals
- Risk Assessment
- Investment types
- Rate of Returns, growth
- MIP, SIP, maturity, taxation
Investment/Insurance Advisors need to have/develop the following characteristics/abilities to progress to higher success levels and good income :
- Listening
- Studying new topics, events in financial world
- Good Communication/ presentation
- Patience
- Analytical Ability
- Punctuality
- Salesmanship
- Problem Solving Ability
- Look after Client's interest
- Passion to Serve
Another Option:, if you do not want to become Advisor youself, you can tie up with such Advisors. Then, you can promote his business and he will share his commission with you. Talk to your known Advisors and you can join hands.
Call me for more information, if you want to start as Investment/Insurance Advisor.
Author, Satish Ranade, is Mumbai based, and in Information Technology business. Since, it will not be possible to take so many calls, kindly send your queries, suggestions in whatsapp message (on his number 9820344725) referring to SSSBIZ, and your name and city. You will receive replies. Also, save his name and number.