Do you remember your first day as a Financial Advisor?
As new financial advisor, you wonder if you will be able to sell insurance? Very few people who get to the industry out of passion. Most of people end up in sales because they need to make income. Passion will develop later as they do their work. Being a financial advisor is a very hard job. If you never been in the industry. On your first day, you get frustrated. You hear new terms during trains. The language you learn is only for you to understand how the financial planning words. As soon as you finish training. You need to learn how you can simplify the language the client because they don’t know terminology you have learnt.
What qualifications you need to be fit and proper for Tier 2 products?
Tier 2, entails products with no underwriting, limited underwriting and guaranteed investments. In this tear if you offer only funeral plan up to R30 000. You only need to be able to write and read. If you offer other products within Tier 2. And then you will need FAIS recognised qualifications like Wealth Management or other qualification. You don’t need to have Regulatory Examination for Representatives (RE5). You will need experience on addition to your qualification to be off supervision. As soon as you get off supervision. In most cases, new entrants get off supervision within 2 years from day they started.
READ BLOG: The unemployment in South Africa.
What about Tier 1?
These FAIS representatives offer almost all products available under category 1 licence. To be in Tier 1, they need to have RE5 for representatives. They need to have FAIS recognised qualifications like Bcom Financial Planning, NQF 5 Wealth Management. Classes of business related to their financial services provider are also needed. They will get off supervision at the end of TWO years if they have these qualifications in place. Once they complete relevant supervision. They will start to collect Continuous Professional Development Points (CPD Points).
The advice to new Financial Planners
Financial Planners sometimes they prefer to only get knowledge from tertiary institutions. Current affairs are very important. Listen to radio, watch TV, read Newspapers or even Financial blogs. These are areas you can be able to learn and get relevant knowledge you need. Your clients reads Financial news and they always have questions for you.
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