Selecting an Agent

Tips for Choosing the Right Insurance Agent and Financial Advisor

Collect the names of several advisors through recommendations from friends, family, business associates, and other sources. A list of advisors can also be found in your local phone book or by contacting the Florida Department of Financial Services. When it comes to insurance, a licensed insurance advisor in your area can provide information and advice on coverage options and cost-saving measures. Advisors may represent one company or several companies. All insurance companies and insurance advisors in Florida are regulated and licensed by the Florida Department of Financial Services. Keep in mind that advisors who sell variable products must also be registered with the National Association of Securities Dealers (NASD) and have additional state licenses. When choosing an insurance agent or advisor, you should:

1) Check whether advisor is a full-time and experienced advisor or one who sells insurance as a sideline.

2) Determine if your advisor has any professional designations. In addition to the courses Florida requires agents to take to become and remain licensed, many advisors take a series of courses to receive professional designations that you’ll find next to their name. Insurance advisor designations may include Chartered Life Underwriter (CLU) and Life Underwriter Training Council Fellow (LUTCF). Advisors who also are financial planners may have other designations, such as, Chartered Financial Consultant (ChFC), Accredited Estate Planner (AEP), or Certified Financial Planner (CFP). Other designations include Registered Health Underwriter (RHU) and Fellow Life Management Institute Program (FLMI). There are many others.

3) Ask whether the advisor is a member of our professional association. The National Association of Insurance & Financial Advisors (NAIFA) is the largest financial services membership association and working with one of our members means that your advisor adheres to our strict code of ethics. The Florida Association of Insurance and Financial Advisors (FAIFA) is the state-affiliated association and we also have 31 local associations in Florida. To find out if your agent is a member of our association, click the hotlink below. Using this feature, you can also search for an agent if you don’t currently have one.

Most importantly, talk with the advisor to determine compatibility. Remember, you will be placing a great deal of trust in this person’s advice. There are many licensed professionals, so talk to several if necessary to make sure you’ve selected the right one.

Finding an insurance agent who is a member of the Florida Association of Insurance and Financial Advisors is very easy. Click here to find one in your area:http://www.naifa.org/consumer/advisor.cfm