Program to address industry need for more financial advisors

August 14th, 2014, No Comments, be the first ».

The financial services firm Edward Jones is partnering with Securities Training Corporation to help prepare students for a career as a financial advisor, according to a news release issued by Edward Jones. The partnership was formed to encourage more students to consider a career as a financial advisor.

Beginning this fall, Kansas State University will offer a credit course that prepares students to take the Series 7 exam. All materials used by faculty, as well as training provided to these instructors, will be provided by STC with the $5,000 cost paid by Edward Jones. The financial services firm has committed to pay the cost of adding this course to the curricula of 10 universities that currently offer a financial planning sequence.

The partnership is a step in the right direction, says NAIFA President John Nichols. According to the GAMA Foundation’s Advisor 2020, sponsored by NAIFA, the demand for insurance and financial advisors will outpace the average growth of the U.S. workforce by 2020. However, the pool of candidates for these jobs will begin to shrink as the numbers of college graduates and early career changers decline.

NAIFA is developing programs to prepare its members for the changes and opportunities described in Advisor 2020.

Insurers’ Use of Social Media Jumps

August 14th, 2014, No Comments, be the first ».

A new LIMRA survey finds that 93 percent of life insurance companies had social media programs in place in 2013, up 55 percent from 2010 (when only 60 percent of companies used social media).

More than three quarters of companies report having social media programs targeted at the public (77 percent); while 7 in 10 have programs supporting financial professionals’ use of social media. One in five companies says it plans to launch social media programs to reach these audiences this year.

According to LIMRA’s annual survey, LinkedIn and Facebook are the most widely used social media platforms, with 98 percent of companies having a presence on LinkedIn and 93 percent on Facebook. Other sites, such as Twitter, Google+, YouTube, Pinterest and Instagram, have also seen growth (see chart).

While compliance concerns topped the list of challenges in 2013 (68 percent), it is far lower than what was reported in 2010, when 9 in 10 insurers cited compliance concerns as their biggest worry. However, more tactical concerns, such as staffing, funding, and getting executive-level support, are becoming more common.

For more information, visit LIMRA at www.limra.com.

 

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