All in One Basket

It can be daunting for the college graduate looking to the financial and insurance sector for employment.  Especially if they are considering an entry-level position and given that nearly 75% of millennials are failing to adapt to processes, policies, and environments. A good portion is labeled already as job hoppers (employment 18 to 24).  What is the best road for someone starting out?

First, according to a study done by Bartlett 60,000 new hires will be needed to fill insurance staff retiring.  There will be plenty of open positions, right?  The entry-level position; however, will be more call center than sales due to the new 24/7 consumer expectation.

Much to the insurance company chagrin, a good portion of them will need to obtain their insurance license.  The Gramm-Leach-Bliley Financial Services Modernization Act (GLB) exempted officers, directors, and risk managers from mandatory licensing.

Insurers wanted their CSR/call center representatives exempted as well saying this will unnecessarily increase expenses for insurers to reduce timely service to customers.  Although, they will license entry level/call center representatives, moving up the ranks will be much harder for most.

Another option is to consider real estate. Entry level means becoming a real estate salesperson, training under a broker.  In that time, salespersons reap the benefits of sales training, marketing/staging strategies, and commissions.

Unfortunately, brokers do not pay to have salespersons licensed.  Not all real estate companies have specified training and hiring.  Real estate agents starting out have to put out a minimum of $2000 of their own money.  So, the simple graduate looking for quick easy money may instead become bankrupt in trial and error situations.

Or consider a banking license. The larger companies like Met Life or Prudential will pay for the series 6, series 7, and/or the life license.  Sales personnel would be required to sell annuities, stocks, and life policies.  They will also provide sales and marketing training.

For top sellers, there are ample rewards and initiation into top seller social clubs.

The final option is the ‘triple threat’. That would be to start out in either a property casualty or life agent and then build from there to get all of these licenses.  Then get a business loan, and open a very lucrative agency for real estate, P&C, and life and annuities.  Almost a one-stop shop for customers needs.

Companies like Geico (Berkshire Hathaway) and Prudential have fingers in insurance, banking, and real estate.  As for independent agents, there aren’t many like this out there who do all three, but maybe some of those up and coming millennials can change that.

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