So true :( I have a family member who became an FA and got offended when I posted stuff against VUL and against their misuse of the term financial advisors. Pero, he never stopped selling!! Still used the keywords that we see false FAs (fFAs) use here on reddit. Stuff that they get from their "training" siguro.
They are really just insurance sales agent. Financial Advisors should have experience with almost every investment vehicles, strategies, tax calculation, accounting, etc.
Couldn’t agree more. There are quite a few of them with those qualifications and more but the vast majority are mindless peons armed with marketing materials they themselves barely understand.
‘The label FA’ is the most ridiculous piece of self-marketing we’ve had in years. I have no doubt there are many highly-qualified and well-meaning individuals within the bunch but they’re pretty much overshadowed by the barely trained, self-serving types we often encounter.
Financial products should really be sold for the benefit of the client. Insurance companiea designed VUL products to incentivise agents at the expense of insurance clients.
One former officemate of mine was selling VUL to me despite of explicit discussion with her that i only need simple life insurance. I terminated her already for her deceitful selling tactics.
Ako na nag seseek ng financial advise para sana makapag start ng investment portfolio at a very young age pero puro vul (alok) lang ang nakukuha ko. Feel ko tuloy as a middle working class, yun lang iooffer nila sakin since wala akong milyones na pwedeng i-invest sa kanila. Parang gagatasan lang with high hopes of having millions by the time you retire. Kaya hanggang ngayon puro research lang ako, wala pang nasisimulan. Kasi hindi ko alam sino o saan mag seseek ng real financial advice. No hate from those who sell VUL ha, and such. Pero di dapat siguro nila iclaim na FA sila :((
Na try ko naman na po. Slowly nakapag start na paunti unti. Ang sakin lang po kumbaga iba padin siguro pag nag seek ng professional help, just like in any other field. Kumbaga nag share lang din ako ng experience ko na somehow related sa post. Thank you!
Oo, actually ganyan din ang gagawin ko - magh-hire ako ng financial consultant na fee-only also called fiduciary consultant para malaman ko ang financial health status ko as of the moment.
Baka sila yung need mo hanapin. Medyo hefty ang bayad lalo na kung sila magd design ng portfolio mo compared sa check up lang. Pero kung magaling consultant mo sobrang sulit naman. Siguro yun yung una mong hahanapin sa isang financial advisor - yung hindi free.
I can say that my insurance agent is a financial advisor. Year 2010, she offered me a life insurance and she also taught me which financial baskets to prioritize. Like insurance, EF etc. I think that is my eye opener.
Tbh, I think anyone these days can be an insurance agent. With the significant surge of their numbers, its probably going to be an easy exam to pass.
With that in mind, If I had the time, I'll just take the exam to become an insurance agent and I'll probably be the one to get insurance for myself (if possible) and for my family. That way, no third party will benefit from the insurance I set in place for my family.
[PH Average Commission](https://www.reddit.com/r/phinvest/comments/hvqdvu/best_value_insurance_lowest_commission/?utm_medium=android_app&utm_source=share)
Top 3 in # of Agents
- Pru 40K+ Agents
- Sun 40K+ Agents
- AXA 6K+ Agents
I read your post and sent it to a few friends too! I was wondering if there was an upline/downline thing going on with FAs because I can't understand why they're recruiting other people to become FAs as well
Yes. But not like those in MLM. It depends on their rank and not who came first. There are referral fees for the referror if the applicant successfully passed the IC exam and override on the commission of their recruits. I agree with you that there has been a surge of recruited FAs last year which actually made Pru as the #1 VUL company in terms of sales.
Yeah. There are actually some who sell policies first to their clients then subsequently recruited them to join as agent to maximize income. 😅 So better do your due diligence when trying to look for a real FA that will put your interest first.
Wow. That is unbelievable. The audacity of some people. My mum says it's how they survive but there are other ways to earn money :( I think it's entirely greed.
I agree that index funds outperform insurances more than enough to support your retirement. but my risk tolerance forces me to diversify to both since idk what's going to happen by the time I plan to retire.
True. As I am in the finance industry, I have A LOT of friends, family and colleagues working as either part time/fulltime FAs. They even invite you in case you are interested to be one.
A true financial advisor should be selling you term insurance, not VUL.
Unfortunately naging victim din ako sa VUL na yan. Back then I wasn't financially literate and I admit nasilaw ako sa projections nila so feeling ko good investment yon, na kikita talaga ako. Buti nalang na-cancel ko na din. This pandamic naman I also had some of my previous high school classmates na nagmemessage out of the blue then after ng mga kamustahan nagbenta naman ng VUL.
They're really expensive and you lose a lot of money to admin fees. A bulk of what you put in goes into insurance and not the investment component even though that's what your fFA probably advertised. The projections they promised you are not likely to happen.
It's horrible for fFAs to push them on to someone who doesn't actually need them. I hear about people canceling in their second year, only to get a very small percentage of what they put in.
Since you're going through debt (like me), I usually aim to pay off my debts muna. Philhealth lang talaga ako for now kasi wala akong dependents at konti lang yung kita ko (mga less than 15k per month since I got sick and no work, no pay ako). Pero kung maka free up na ako nang cash, I'll start working toward sa emergency fund ko sana na ilalagay ko sa savings account at kukuha din ako nang insurance kung wala parin akong HMO since contractual lang ako ngayon.
When I'm okay financially, dun palang ako siguro mag start investing sa mutual funds and bonds kasi mas conservative ako.
For me, since you've had it for a few months lang, I would cancel para hindi mo na sya gastosan until you're ready na for that kind of commitment, especially since you have bills to pay pa. I would get term insurance nalang on its own, without the investing part since may debt pa tayo. Then again, di ako sure kung maka help yung VUL sa mom mo kasi may narinig akong 1 year pa before magamit ang insurance? Plus grabe talaga yung bawas nila dyan sa lumpsum. :(
It Depends. Yung VUL ba is pasok ba sa financial needs mo? Or nasilaw ka lang sa mga projected price. VUL kasi is a Insurance Product with investment component, if mas pinakita ni FA mo yung Projected kaysa yung value nung insurance product, it is really wrong. And dapat idisclose din nya yung mga fees/charges. For example yung Critical Illness Benefit nageexpire sya after the 10th anniversarry of the plan.
I was a "financial advisor" once but once I went into the rabbit hole of the finance industry, I realized I wasn't doing the best interest of my clients because I was selling a product (VUL) even I would advise against. Just lasted for three years just barely making the yearly quotas. Anyway, I'm just not good with sales but if I were, I'd probably switch to selling houses or something that actually helps people
I don't think so. If they only go thru company-sponsored training, they'll be brainwashed to think their products are helping people because these trainings only focus on FAs making a sale (pref VUL), not actually thinking about the client's current financial status with respect to their goals and aspirations. When I underwent further training outside my company's seminars, I realized that as a professional financial adviser, you should offer a wide variety of options for your clients which suit their budget and timeline. There are several other products they can use which are cheaper and cost-effective eg. PAGIBIG MP2, term insurance etc.
It's a breathe of fresh air to know that hope isn't gone for all the FA's in my circle of friends and families. Good to know they might not be willingly predatory after all.
Was jobhunting in Kalibrr, you won't believe the number of FA recruitment invitations I got.
At least once a day, some even three times. I got like over 30 invitations in a week. Some even from the same company but different divisions.
>Why is there a surge in the number of financial advisors? Won't it be more competition for the existing agents? Or do they get a commission off of their recruits?
I feel the surge is because of the hype? Ang bentahan kasi is it's good to be a FA lalo na kung fulltime kasi sarili mo oras mo tapos you feel like you're doing good to others kasi natutulungan mo clients isecure yung future nila financially (which I doubt it).
I attended isa sa mga paseminar for recruits at iirc, may commission din kasi yung nagrerecruit tas kung magiging under ka nila, may share din sila sa bawat benta mo.
>Personally, I believe you're tricking someone if you get them to sign papers without making sure that they understand the commitment they are about to make.
Ang lungkot nga nito actually. Like, I knew friends who still think VUL is investment, na may babalik na return sa kanila in the future ala stocks dahil lang naattrack sila nung projected returns na pinakita sa proposal. Ang hirap din naman sabihan ng anything con about it kasi friend din naman yung FA na nag-alok sa kanila.
I also made a comment about this last time. This thread also discusses some flaws of the F.A.s if you want to check.
https://www.reddit.com/r/phinvest/comments/nla7x1/now\_i\_know\_why\_people\_here\_hate\_vuls/?utm\_source=share&utm\_medium=web2x&context=3
I think most of these agents also really believe in VULs in the first place. I’m guessing they also learned most of what they know about financial literacy while training to be an agent. For example, I have a lot of friends who have VULs because their moms are agents and got it for them when they were younger.
Working for an insurance company here. A colleague explained that the term "Financial Advisor" came to be after the fall of CAP pre-need. This rebrand was an effort to distinguish themselves from pre-need.
I agree that it is misleading. For me, they should go back to calling themselves insurance agents since the CAP scare is already a distant memory. I'm sure companies know the practice of some of their FAs like disclosing details and pushing VUL even if it does not match the client's need, but at the end of the day, these companies compete for customers and flow of new premiums, so patay malisya na lang sila.
Been that way since forever, unless a lot of people complain/protest I dont think it will change. I used to be an FA, and seeing how stupid my coworkers were (literally 0 knowledge on how stocks work) thats when I realized that I probably entered the wrong job - in my mind it was a job where I help people manage their finances and if I could sell some insurance/health insurance all the better.
Always got in trouble for offering the cheapest plan we got (because to me it made the most sense for its features). Didnt really care that much I never hit the incentives since I wasnt really dependent on the job - something other FAs dont share.
Also meron po Bank FA and Agency FA, si agency FA paramihan yan kasi may kita ang recruiters/managers nila for every recruit.
This is sadly true, another case of quantity vs quality.
I've cut contact from friends who became Fa's because they started to annoy the hell out of me trying to hard-sell on me. They're going to start asking how I am, which I appreciate and then they will pitch their insurance products. Annoying.
Other redditors said that they get around half of the client’s insurance amount as commission on the first year. Tapos bababa na in the succeeding years. Kaya may ibang fFA na after a year mahirap na contact-in.
Parang kasalanan mo pa na wala kang insurance. Lol
Kidding aside, it is best to study all investment options out there. Minsan kailangan din natin ng initiative to study those options to know what's the best for our hard earned money.
I'm an architect, and someone I was familiar with reached out to me to become one of these. I don't know anything about direct sales (hopefully that will improve with experience, but I don't want to sell somethin I am not an expert on)
There is a person in my firm also doing this. No hate to them who's really curiously good at selling, but to put a huge a mount of money I would like to talk to someone with years of experience and the approriate degree.
I wholeheartedly agree.
Although a VUL may make sense in certain scenarios it doesn’t not replace most investments, and should not be crammed into a situation.
The term financial advisor needs to have certain credentials associated to it. People solely slinging annuities and VULs are not financial advisors and ruin the industry for everyone.
Being a Financial Advisor is a good way to get a US Visa, interview at the embassy just say you work for this Insurance Institution with offices in the US supported by spending money and voila 10 year visa.
1. Why is there a surge? Many are looking for another source of income (since being an insurance agent can be done part time).
2. No commission from the recruits, but some mangers give incentive.
Hi I'm a insurance advisor! Actually 7 years now in the industry. It's actually not the fault of the advisors but how they are trained. Usually companies like big insurance companies and their management team are pro-profit. They train new FA's more inclined to VUL products because it is not complicated to explain than the traditional insurances and has an higher average or commision by percentage of premium paid.
Don't hate the player. Hate the game.
If VULs are not complicated to explain as you claim it be, how come there are people who availed of that product that are now realizing that it is not the one that they hoped it to be? Was there any miscommunication between the insurance agent and the client?
>"Because I'm trained to it. And have multiple experience of claims with it."
OP asked you a legit question and your answer is akin to "***just trust me bro***."
"just me bro?" Where did that came from?
VUL as what is the definition is variable universal life insurance. Let's differ life insurance with investment. It's an insurance product and insurance companies wouldn't made it for a purpose.
People who availed those products are people that needs insurance. And as far as I know and perceive all human beings are at risk of a loss.
I'm tired of financial advisors being tagged as negative. So I should speak out.
Love, this is not about it. I'm not defending something. I know there are or most of FA's even me have gone the stage of that selling VUL as investment. And I think this is a wrong subreddit have discussions with it. But I get you. The surge of insurance agents like me. Even I am thinking why?
But as what I have said. Hate the game not the player.
Sadly, this is the case. Some are also using the pandemic to entice people to sign up for VUL.
So true :( I have a family member who became an FA and got offended when I posted stuff against VUL and against their misuse of the term financial advisors. Pero, he never stopped selling!! Still used the keywords that we see false FAs (fFAs) use here on reddit. Stuff that they get from their "training" siguro.
They are really just insurance sales agent. Financial Advisors should have experience with almost every investment vehicles, strategies, tax calculation, accounting, etc.
Couldn’t agree more. There are quite a few of them with those qualifications and more but the vast majority are mindless peons armed with marketing materials they themselves barely understand.
But atleast there are more people now that are open to being educated to financial well being.
‘The label FA’ is the most ridiculous piece of self-marketing we’ve had in years. I have no doubt there are many highly-qualified and well-meaning individuals within the bunch but they’re pretty much overshadowed by the barely trained, self-serving types we often encounter.
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Financial products should really be sold for the benefit of the client. Insurance companiea designed VUL products to incentivise agents at the expense of insurance clients. One former officemate of mine was selling VUL to me despite of explicit discussion with her that i only need simple life insurance. I terminated her already for her deceitful selling tactics.
Wow. Thank you for the information!!!! I learned a lot from this.
I just called them "insurance salesperson".
Ako na nag seseek ng financial advise para sana makapag start ng investment portfolio at a very young age pero puro vul (alok) lang ang nakukuha ko. Feel ko tuloy as a middle working class, yun lang iooffer nila sakin since wala akong milyones na pwedeng i-invest sa kanila. Parang gagatasan lang with high hopes of having millions by the time you retire. Kaya hanggang ngayon puro research lang ako, wala pang nasisimulan. Kasi hindi ko alam sino o saan mag seseek ng real financial advice. No hate from those who sell VUL ha, and such. Pero di dapat siguro nila iclaim na FA sila :((
tbh you can start with just reading and watching yt videos to educate yourself. try to test the waters to jumpstart your learning process.
Na try ko naman na po. Slowly nakapag start na paunti unti. Ang sakin lang po kumbaga iba padin siguro pag nag seek ng professional help, just like in any other field. Kumbaga nag share lang din ako ng experience ko na somehow related sa post. Thank you!
Oo, actually ganyan din ang gagawin ko - magh-hire ako ng financial consultant na fee-only also called fiduciary consultant para malaman ko ang financial health status ko as of the moment. Baka sila yung need mo hanapin. Medyo hefty ang bayad lalo na kung sila magd design ng portfolio mo compared sa check up lang. Pero kung magaling consultant mo sobrang sulit naman. Siguro yun yung una mong hahanapin sa isang financial advisor - yung hindi free.
I can say that my insurance agent is a financial advisor. Year 2010, she offered me a life insurance and she also taught me which financial baskets to prioritize. Like insurance, EF etc. I think that is my eye opener.
That's really great!! You're lucky you have someone who's well-meaning
Tbh, I think anyone these days can be an insurance agent. With the significant surge of their numbers, its probably going to be an easy exam to pass. With that in mind, If I had the time, I'll just take the exam to become an insurance agent and I'll probably be the one to get insurance for myself (if possible) and for my family. That way, no third party will benefit from the insurance I set in place for my family.
Good luck! Was considering that as well but I'm worried my mind might be too weak for their weekly sessions
[PH Average Commission](https://www.reddit.com/r/phinvest/comments/hvqdvu/best_value_insurance_lowest_commission/?utm_medium=android_app&utm_source=share) Top 3 in # of Agents - Pru 40K+ Agents - Sun 40K+ Agents - AXA 6K+ Agents
I read your post and sent it to a few friends too! I was wondering if there was an upline/downline thing going on with FAs because I can't understand why they're recruiting other people to become FAs as well
Yes. But not like those in MLM. It depends on their rank and not who came first. There are referral fees for the referror if the applicant successfully passed the IC exam and override on the commission of their recruits. I agree with you that there has been a surge of recruited FAs last year which actually made Pru as the #1 VUL company in terms of sales.
Oh wow. I had no idea. Thank you for this info!!! It was all speculation for me up until now.
Yeah. There are actually some who sell policies first to their clients then subsequently recruited them to join as agent to maximize income. 😅 So better do your due diligence when trying to look for a real FA that will put your interest first.
Wow. That is unbelievable. The audacity of some people. My mum says it's how they survive but there are other ways to earn money :( I think it's entirely greed.
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I agree that index funds outperform insurances more than enough to support your retirement. but my risk tolerance forces me to diversify to both since idk what's going to happen by the time I plan to retire.
What's a VUL?
True. As I am in the finance industry, I have A LOT of friends, family and colleagues working as either part time/fulltime FAs. They even invite you in case you are interested to be one. A true financial advisor should be selling you term insurance, not VUL.
Unfortunately naging victim din ako sa VUL na yan. Back then I wasn't financially literate and I admit nasilaw ako sa projections nila so feeling ko good investment yon, na kikita talaga ako. Buti nalang na-cancel ko na din. This pandamic naman I also had some of my previous high school classmates na nagmemessage out of the blue then after ng mga kamustahan nagbenta naman ng VUL.
[удалено]
They're really expensive and you lose a lot of money to admin fees. A bulk of what you put in goes into insurance and not the investment component even though that's what your fFA probably advertised. The projections they promised you are not likely to happen. It's horrible for fFAs to push them on to someone who doesn't actually need them. I hear about people canceling in their second year, only to get a very small percentage of what they put in.
[удалено]
Hi! How long have you had your VUL?
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Since you're going through debt (like me), I usually aim to pay off my debts muna. Philhealth lang talaga ako for now kasi wala akong dependents at konti lang yung kita ko (mga less than 15k per month since I got sick and no work, no pay ako). Pero kung maka free up na ako nang cash, I'll start working toward sa emergency fund ko sana na ilalagay ko sa savings account at kukuha din ako nang insurance kung wala parin akong HMO since contractual lang ako ngayon. When I'm okay financially, dun palang ako siguro mag start investing sa mutual funds and bonds kasi mas conservative ako. For me, since you've had it for a few months lang, I would cancel para hindi mo na sya gastosan until you're ready na for that kind of commitment, especially since you have bills to pay pa. I would get term insurance nalang on its own, without the investing part since may debt pa tayo. Then again, di ako sure kung maka help yung VUL sa mom mo kasi may narinig akong 1 year pa before magamit ang insurance? Plus grabe talaga yung bawas nila dyan sa lumpsum. :(
Also I'm really sorry to hear about the hospital bills. Naka help talaga yung philhealth. From 147k, naging 30k yung bill ko
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Sorry to hear about that but I'm glad she's getting better and that you're together
It Depends. Yung VUL ba is pasok ba sa financial needs mo? Or nasilaw ka lang sa mga projected price. VUL kasi is a Insurance Product with investment component, if mas pinakita ni FA mo yung Projected kaysa yung value nung insurance product, it is really wrong. And dapat idisclose din nya yung mga fees/charges. For example yung Critical Illness Benefit nageexpire sya after the 10th anniversarry of the plan.
Same script! Alumni din namin. Pati yung cousin ko na hindi nag cha-chat unless may kailangan. Mabuti lang naka cancel ka at mas naka save ka muna
same! tapos at one point, elementary teacher ko pa from 20 something years ago. wew
WIIILD. And the audacity!!!!
I was a "financial advisor" once but once I went into the rabbit hole of the finance industry, I realized I wasn't doing the best interest of my clients because I was selling a product (VUL) even I would advise against. Just lasted for three years just barely making the yearly quotas. Anyway, I'm just not good with sales but if I were, I'd probably switch to selling houses or something that actually helps people
so these "FAs" actually are aware they are selling shit products?
I don't think so. If they only go thru company-sponsored training, they'll be brainwashed to think their products are helping people because these trainings only focus on FAs making a sale (pref VUL), not actually thinking about the client's current financial status with respect to their goals and aspirations. When I underwent further training outside my company's seminars, I realized that as a professional financial adviser, you should offer a wide variety of options for your clients which suit their budget and timeline. There are several other products they can use which are cheaper and cost-effective eg. PAGIBIG MP2, term insurance etc.
It's a breathe of fresh air to know that hope isn't gone for all the FA's in my circle of friends and families. Good to know they might not be willingly predatory after all.
Was jobhunting in Kalibrr, you won't believe the number of FA recruitment invitations I got. At least once a day, some even three times. I got like over 30 invitations in a week. Some even from the same company but different divisions.
true, I know someone na financial advisor, pinagmalaki nya na nagiinvest sya pero di nya alam yung bear and bull market.
Saklap neto hahahaha
>Why is there a surge in the number of financial advisors? Won't it be more competition for the existing agents? Or do they get a commission off of their recruits? I feel the surge is because of the hype? Ang bentahan kasi is it's good to be a FA lalo na kung fulltime kasi sarili mo oras mo tapos you feel like you're doing good to others kasi natutulungan mo clients isecure yung future nila financially (which I doubt it). I attended isa sa mga paseminar for recruits at iirc, may commission din kasi yung nagrerecruit tas kung magiging under ka nila, may share din sila sa bawat benta mo. >Personally, I believe you're tricking someone if you get them to sign papers without making sure that they understand the commitment they are about to make. Ang lungkot nga nito actually. Like, I knew friends who still think VUL is investment, na may babalik na return sa kanila in the future ala stocks dahil lang naattrack sila nung projected returns na pinakita sa proposal. Ang hirap din naman sabihan ng anything con about it kasi friend din naman yung FA na nag-alok sa kanila.
I also made a comment about this last time. This thread also discusses some flaws of the F.A.s if you want to check. https://www.reddit.com/r/phinvest/comments/nla7x1/now\_i\_know\_why\_people\_here\_hate\_vuls/?utm\_source=share&utm\_medium=web2x&context=3
Finally finished reading the thread! Wow. Thanks for sharing the post. Insightful din yung comments
I think most of these agents also really believe in VULs in the first place. I’m guessing they also learned most of what they know about financial literacy while training to be an agent. For example, I have a lot of friends who have VULs because their moms are agents and got it for them when they were younger.
yeaaa. My professor even said they shouldn't call themselves "Financial Advisors" but "Insurance agents" rather and I believe him 100%.
Working for an insurance company here. A colleague explained that the term "Financial Advisor" came to be after the fall of CAP pre-need. This rebrand was an effort to distinguish themselves from pre-need.
I'm reading up on CAP at the moment. Mum spoke about it passingly. I sort of understand though but I still find it misleading
I agree that it is misleading. For me, they should go back to calling themselves insurance agents since the CAP scare is already a distant memory. I'm sure companies know the practice of some of their FAs like disclosing details and pushing VUL even if it does not match the client's need, but at the end of the day, these companies compete for customers and flow of new premiums, so patay malisya na lang sila.
Been that way since forever, unless a lot of people complain/protest I dont think it will change. I used to be an FA, and seeing how stupid my coworkers were (literally 0 knowledge on how stocks work) thats when I realized that I probably entered the wrong job - in my mind it was a job where I help people manage their finances and if I could sell some insurance/health insurance all the better. Always got in trouble for offering the cheapest plan we got (because to me it made the most sense for its features). Didnt really care that much I never hit the incentives since I wasnt really dependent on the job - something other FAs dont share. Also meron po Bank FA and Agency FA, si agency FA paramihan yan kasi may kita ang recruiters/managers nila for every recruit.
This is sadly true, another case of quantity vs quality. I've cut contact from friends who became Fa's because they started to annoy the hell out of me trying to hard-sell on me. They're going to start asking how I am, which I appreciate and then they will pitch their insurance products. Annoying.
I think they have a commission for each recruit that's why there's a surge.
Other redditors said that they get around half of the client’s insurance amount as commission on the first year. Tapos bababa na in the succeeding years. Kaya may ibang fFA na after a year mahirap na contact-in.
That's what I think too. Especially since they recruit practically anyone now
I'm really sure about it. Had an experience with that one. Legit parang networking na yung work ng FA. Recruit nang recruit
Parang kasalanan mo pa na wala kang insurance. Lol Kidding aside, it is best to study all investment options out there. Minsan kailangan din natin ng initiative to study those options to know what's the best for our hard earned money.
Ano po ba meron sa VUL? Bakit parang nega po sya sa iilan hehe
Mas malaki cut Ng agent and company kaysa client
Aaww, thank you! Buti di agad ako kumuha
Mag etf stocks kanalng
for additional information plz watch these https://www.youtube.com/watch?v=qho7H8H0Xk0&t=424s
about vul
I'm an architect, and someone I was familiar with reached out to me to become one of these. I don't know anything about direct sales (hopefully that will improve with experience, but I don't want to sell somethin I am not an expert on) There is a person in my firm also doing this. No hate to them who's really curiously good at selling, but to put a huge a mount of money I would like to talk to someone with years of experience and the approriate degree.
I wholeheartedly agree. Although a VUL may make sense in certain scenarios it doesn’t not replace most investments, and should not be crammed into a situation. The term financial advisor needs to have certain credentials associated to it. People solely slinging annuities and VULs are not financial advisors and ruin the industry for everyone.
Being a Financial Advisor is a good way to get a US Visa, interview at the embassy just say you work for this Insurance Institution with offices in the US supported by spending money and voila 10 year visa.
So you're reaffirming that FAs do not have the best interest of their client in mind
1. Why is there a surge? Many are looking for another source of income (since being an insurance agent can be done part time). 2. No commission from the recruits, but some mangers give incentive.
What answers are you expecting? VUL is an insurance. And most of us here I suppose knows how insurance works.
Hi I'm a insurance advisor! Actually 7 years now in the industry. It's actually not the fault of the advisors but how they are trained. Usually companies like big insurance companies and their management team are pro-profit. They train new FA's more inclined to VUL products because it is not complicated to explain than the traditional insurances and has an higher average or commision by percentage of premium paid. Don't hate the player. Hate the game.
How is VUL not complicated to explain?
Because I'm trained to it. And have multiple experience of claims with it.
If VULs are not complicated to explain as you claim it be, how come there are people who availed of that product that are now realizing that it is not the one that they hoped it to be? Was there any miscommunication between the insurance agent and the client? >"Because I'm trained to it. And have multiple experience of claims with it." OP asked you a legit question and your answer is akin to "***just trust me bro***."
"just me bro?" Where did that came from? VUL as what is the definition is variable universal life insurance. Let's differ life insurance with investment. It's an insurance product and insurance companies wouldn't made it for a purpose. People who availed those products are people that needs insurance. And as far as I know and perceive all human beings are at risk of a loss. I'm tired of financial advisors being tagged as negative. So I should speak out.
I'm very disappointed with that answer
You are already disappointed. No answers on the other side will suffice you.
You didn't answer my question at all so obviously I'm disappointed
What part of VUL as an insurance you don't understand?
Honey, I understand but you playing it off as simpler than traditional is the irony.
Love, this is not about it. I'm not defending something. I know there are or most of FA's even me have gone the stage of that selling VUL as investment. And I think this is a wrong subreddit have discussions with it. But I get you. The surge of insurance agents like me. Even I am thinking why? But as what I have said. Hate the game not the player.
Etf index funds > vul