Change Lives with Allianz PNB Life: How to Become a Part-Time Financial Advisor

Before you start on the journey of becoming a part-time financial advisor, you may need to complete a couple of requirements. Here are what some insurance companies will require:

Educational Background

While a bachelor’s degree may be beneficial, it’s not a requirement to be a financial advisor. Some insurance companies accept aspiring financial advisors with various educational backgrounds as long as they pass the necessary training and exams to effectively help their clients.

Licensing and Certifications

Financial advisors in the Philippines need to pass certification exams. Depending on the services you plan to offer, you may need:

●      Insurance Commission Licensure – Required to sell insurance policies.

●      Securities and Exchange Commission (SEC) Certification – Necessary if you plan to offer investment advice.

Some firms provide study materials and review sessions to help applicants prepare.

Soft Skills

To become an excellent financial advisor, you need to know more than the technical aspects of your job. Most of the skills below are something you may already have, or if you’re not confident, you can learn on the job:

Communication and Interpersonal Skills

The most important part of being a financial advisor is clearly communicating the services you may have as well as financial concepts. Some clients may catch on easily, while others may need more explanation to get the gist of the product. However, in the end, knowing how to communicate properly is key to managing your clients.

Sales and Persuasion Abilities

Another soft skill you may need in this job is sales and persuasion. This is because your clients may not immediately see the value of the products you offer. Aside from being able to communicate the benefits of your products, you may still need to persuade them to invest in the product with you.

Analytical Thinking

Finally, each client has a different set of realities and needs. That being said, you’ll need analytical thinking skills to assess your client’s financial situation and to be able to recommend a suitable solution for their problem–not just in product but also in premium costs.

Now that you know the requirements or skills that are needed to be a financial advisor in the Philippines, it’s time for you to learn how to become one. In this section, we give you a step-by-step process on how to become a financial advisor in the Philippines.

Step 1: Choose a Financial Institution

The first step in becoming a financial advisor is to choose a financial institution for which you want to work. Each insurance company offers a variety of products, so you want to make sure that you work with a company that you believe in.

While you’re at this stage, make sure to confirm if the insurance company accepts part-time financial advisors. If they do, then you should ask about the training programs they provide to help aspiring financial advisors like you get started.

Step 2: Complete the Application Process

Once you find a company that you want to work with, you can apply through their official channels; that way, you’re guaranteed to only be interacting with officials from the company.

The application process will typically have the following steps:

●      Submit your resume and application form.

●      Attend an initial interview.

●      Completing a background check.

Step 3: Undergo Training

Most insurance companies will provide you with training to help you understand the financial products they offer. Aside from this, you may also undergo training in sales techniques and on how to understand your client’s needs.

Here are some of the topics training may cover:

●      Insurance policies and investment options.

●      How to assess clients’ financial needs.

●      Effective sales and client management strategies.

Step 4: Pass the Exam

After undergoing numerous training sessions, you’ll need to pass an exam before you can officially start offering financial services to your clients.

Step 5: Start Advising Clients

Once you’ve passed the exam, it’s time for you to start reaching out to potential clients. You can tap your professional and personal networks and expand from there.

If you feel that you need help before advising clients, most insurance companies in the Philippines offer support through a mentorship program. Typically, this means that you’ll be assigned to a team, and you’ll learn from your supervisor and your teammates. This gives you a network you can rely on and learn from.

Becoming a financial advisor is a noble goal. After all, you’ll be helping others plan for their retirement and prepare for emergencies. Not only will you be securing their future, but you’ll also ensure that your client’s loved ones are protected from the unexpected.

As a financial advisor, here are some of the benefits you can expect to have:

Earn Extra Income

Becoming a financial advisor gives you the opportunity to earn extra income. However, financial advisor salaries in the Philippines vary per month, usually depending on the number of premium-paying clients you have. This profession is an excellent part-time job that allows you to have the stability of your full-time job without compromising too much of your time.

Some financial advisors earn more than enough to make financial advising their full-time job. If you have a passion for finance and want to make an impact, this could be a fulfilling path for you.

Gain Financial Expertise

Another benefit you may have with this job is that you can gain financial expertise. Earning money and knowing how to manage it are two completely different skills.

As a financial advisor, you can learn the valuable skill of money management through the various workshops that you’ll have to take. When you learn these skills, you can also apply them to your personal life for better money management.

Help Others

If you have a heart for helping others, then this job allows you to do that. Financial advisors can learn valuable skills that allow them to help their clients prepare for their future while also setting up their clients’ loved ones for financial security.

Knowing that your client and their family are prepared for life ahead may just be one of the best parts of the job.

Flexibility

Now, you may be wondering how you can balance this part-time job with your full-time job. Well, it’s simple. This job offers unmatched flexibility.

Financial advisors aren’t required to come into the office daily. Apart from some training sessions that may require you to show up on-site, this job allows you to work at your own pace and in your own place. You set your own schedule and work from wherever you want.

Here are some tips to help you succeed in your new role as a financial advisor.

Build Your Network

When you get started as a financial advisor, your first clients will usually be your personal and professional connections. Let your friends, family, and colleagues know about your new role and how you can help them.

Leverage Digital Platforms

In the digital age, it should come as no surprise that for you to grow your business exponentially, you will have to leverage digital platforms. By using social media and online marketing tricks, you can expand your reach.

Here are some tips for you to consider:

●      Create financial education content.

●      Engage with potential clients through webinars.

●      Use social media platforms such as Facebook, Instagram, and LinkedIn to connect with people looking for financial guidance.

Stay Updated

Over time, your company’s products and policies may change. Making sure that you stay up to date. Also, attend industry seminars, read finance blogs, and participate in training sessions to keep up with the latest trends.

Set Realistic Goals

When you’re just starting out as a financial advisor, you may set lofty goals and get discouraged when you don’t meet them. Apart from this, the stress of balancing a full-time job and a financial advisor job can be overwhelming. This is why setting specific, measurable, attainable, relevant, and time-bound (SMART) goals is key to acquiring and maintaining motivation to stay on the job. Remember, consistently working on your job is the best way to learn and improve.