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Dual licensed advisors face big obstacle

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Life Health Professional | 13 Jul 2015, 11:50 AM Agree 0
An expert is pointing to a fundamental stumbling block for investment advisors hoping to make a killing as a dual-licensed player, and it’s not CRM2.
  • mark m | 13 Jul 2015, 12:53 PM Agree 0
    I think that it is more perception of who you are. It is difficult to be all things for all people. Most business comes from referrals and most people know people like themselves.
    A good insurance prospect is younger with lots of financial responsibilities and not that much in invested assets.
    A good investment prospect is older with more financial assets.
    You're either prospecting the children or the parents. You can get the "family" but you're the "guy" to son or dad.
    Therefore the client base for insurance and investments is largely mutually exclusive.
    Insurance is a more difficult sale, not because of the length of sales cycle, but having to die is a negative sales feature. Insurance is pessimistic because you have to face reality. Investments are optimistic because this time it will work!
    You're either one or the other.
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