61. The worst thing that could happen to a financial advisor?

The most enduring lesson for financial advisors during this pandemic is to experience first hand the fact that the lack of adequate financial planning and execution may lead to financial disasters

I deeply relate to this lesson, covid-19 has took the lives of quite a number of my friends and relatives, the saddest of which are those who are "UNINSURED", bereaved families left behind not only have to mourn the passing of a loved one, but have to struggle financially to take care of final expenses in the months or even years to come...

I became a financial advisor months (August 2019) before covid struck, I went after "high value" prospects in a bid to immediately make a name for myself, it was a good "career" decision as the sales I have generated was enough to help me qualify for the MDRT in just four short months, but is making money and gaining recognition the only reward of a successful financial advisory career?

We have been taught that to work more efficiently we need to "pre-qualify" our prospects, top among these criteria is the ability of a prospect to pay for premiums? 

Prospects who can afford to pay for premiums are also most probably the ones who can afford the costs of expensive medical treatments. 

In one of my talks for PIFAAP I have advocated an advocacy ratio of 5:1 - that for every 5 prospects we advocate to; 4 are pre-qualified as "can afford" and 1 as "financially vulnerable."

Financially vulnerable prospects are those who may suffer major financial challenges when disaster strike, these are most probably the common man we meet in the streets, although they may be small and low premium paying, it may bring more meaning to our work as financial advisors if we help make one more financially secure Filipino family.

God forbid that some of these "financially vulnerable" prospects happen to be people we know, our own friends and relatives.

something to consider my friends...

#acgadvice