Author Topic: Financial services brokerage.. good business kaya to? (Read 1536 times)

sonny.wapak · « **on:** Sep 12, 2012, 03:20 PM »

May pinasok akong business model kung saan broker ako ng mga financial services like healthcare, life & non-life insurance, investments, real estate and loans.. Patok ba sa panahon natin to ngayon mga ka-pmt?

ferrariEverest · « **Reply #1 on:** Sep 12, 2012, 03:32 PM »

taga IMG ka d ba.
ok yan basta legal yan at ethical ang pag conduct mo ng serbisyo publiko.

sonny.wapak · « **Reply #2 on:** Sep 12, 2012, 04:28 PM »

Yeah, bago lang ako dito kaya nahingi ako ng opinion ng matatagal na sa industry. I'm from automotive kse.

Thanks

Sans · « **Reply #3 on:** Sep 12, 2012, 08:23 PM »

Wait a minute... I don't quite understand. You say you're a financial services broker. Why are you asking us "good business kaya to?" or "patok ba ito?" Isn't that something you should research BEFORE you join such a business and BEFORE you introduce yourself as a broker for the business?

Why are you promoting a service in the first place if you have to ask other people if it is a good idea?

To be clear, I'm not questioning your company (IMG). I don't know enough about IMG to have an informed opinion.

Wala rin akong intent na mamersonal. I don't know you, sonny and have no intent to insult. Nagtataka lang talaga ko sa post na ito. If you can provide a clearer explanation, that would help me understand where you're coming from, that would be very helpful.

sonny.wapak · « **Reply #4 on:** Sep 13, 2012, 08:09 AM »

Sumali ako sa IMG primarily pra makapag share ng financial knowledge na nabasa ko sa book na nakita kong importanteng malaman ng iba. Then this broker/dealer came with it. This is the reason I'm gathering feedback kung may nka experience na maging broker/dealer ng financial services din. Or kung ano sa tingin nyo ang mga ganito as persons availing financial services?

kithe · « **Reply #5 on:** Sep 13, 2012, 09:16 AM »

Actually sir para ka din agent diyan, kaso group kayo di ba? Networking ng life insurance, investment products.. Tama ba?

Pero unlike sa mga financial advisors or life insurance advisors, na direct sa mga insurance companies may individual licenses sila to sell the products or plans.

sonny.wapak · « **Reply #6 on:** Sep 13, 2012, 10:25 AM »

@kithe - I see. On your POV, agent din ang dating.

As far as I know, eto yung pagkakaiba nila:

Agent:
May quota
May boss
Can only offer the products of the company he is under

Broker:
No quota
No boss
Can choose to offer or not to offer products of different companies

kithe · « **Reply #7 on:** Sep 13, 2012, 11:39 AM »

Yes may exclusivity, kasi nga we are directly representing the company, we passed the licensure exam from the insurance commission and with the investment products from SEC..
We always renew our licenses every year to continue our services to sell or offer our products..

allanmm13 · « **Reply #8 on:** Sep 13, 2012, 11:53 AM »

Quote from: sonny.wapak on Sep 13, 2012, 10:25 AM

Agent:
May quota
May boss
Can only offer the products of the company he is under

Broker:
No quota
No boss
Can choose to offer or not to offer products of different companies

I attended the IMG convention last June when I went home since I wanna listen to Bro. Bo Sanchez's talk about financial stewardship.

I think one of the RFP (Registered Financial Planner) speaker there from IMG mention yung main difference ng agency and brokering has nothing to do if what products are you offering but what those "vehicles" can offer to ordinary working class.

They also talk about the advantage of "vesting rights" na meron ang brokering na wala sa agency.

sonny.wapak · « **Reply #9 on:** Sep 13, 2012, 03:06 PM »

@kithe - what company are you connected with? Una akong napasok sa Insular Life before ko nakita tong IMG. And same with you, I took an exam from IC and became licensed.

@allanmm13 - sir, ano daw yung "vesting rights" na yun? if you still remember lang naman po. thanks

allanmm13 · « **Reply #10 on:** Sep 13, 2012, 03:44 PM »

@sonny,wapak..

This is what I understood.
I think the concept is, sa agency once you get a client and then you are no longer connected sa agency, or you move out sa agency or you are kick out by the company due to non-compliance with quotas. The company will get the future earnings coming from client after you left. Parang kahit 10yrs mo pa pinaghirapan ang mga clients mo, after you leave (for whatever reason), you don’t have vesting rights. Of course, unless you pirate your clients and your agents kapag umalis ka

Sa brokering, as long you are license, you have non-forfeitable rights from future earnings from your clients.

So, IMHO, brokering is similar to long term entrepreneurship while agency is short term entrepreneurship.

kithe · « **Reply #11 on:** Sep 13, 2012, 04:02 PM »

Not all agency is short term lang, meron din nagtatagal like 35years, 25 years.. Yung iba na nagtatagal ay dahil alam nila ang kanilang vision and mission kaya nila pinasok ang career bilang financial advisor, and siyempre love of work na rin. ♥♥♥
Mahirap, you will meet diferent kinds of people, you will encounter rejections, frustrations, pero it is rewarding..

allanmm13 · « **Reply #12 on:** Sep 13, 2012, 04:07 PM »

@kithe, can you cite sinong agency yun?

sonny.wapak · « **Reply #13 on:** Sep 13, 2012, 04:11 PM »

@allanmm13

ah, nagets ko agad. salamat sa simple explanation sir! so in terms of entrepreneurship, mas okay to.

@kithe

tama ka dyan, marami nga long running agency as long as they hit the target, pero when you're doing something out of passion, hindi mo na mapapansin, quota ka na pala sa kakatulong.