What’s the Difference Between an Advisor, a Planner and an Agent?
September 24, 2024 by Howard Wolkowitz
For me, after spending 27 years in career agency life insurance sales, one thing is clear: We were not and could not be considered fiduciaries. The training, incentives, compensation and rewards were based on sales production.
When I entered the life insurance sales industry in 1992, we obtained an insurance license, not a securities license. We sold insurance and annuities.
From the first employment interview, it was clear who we were, what we did, and how we were compensated.
Life Insurance is a risk-sharing management tool.
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Wink’s Moore on the Market: I absolutely agree with this:
“Insurance sales professional should be the title used when insurance is sold.
The title advisor should only be used when someone is advising on securities, investments, retirement and annuities.
Only registered investment advisors who are operating as fiduciaries should be able to call themselves fiduciaries.”
Agreed? -sjm
