Professional relationships between fee-only CFP®s and commission-based insurance producers offer mutually beneficial opportunities, added value that extends to their clients. A successful career in the insurance business can be very lucrative, but success often depends on the agent’s ability to develop “centers of influence,” people willing to personally refer clients to the agent. For fee-only CFPs, there’s great value in having trusted relationships with insurance agents who can provide financial products. This paper examines these relationships and offers a structured model for those interested in growing their practices through an often-overlooked approach to professional networking.
Author: David Haman, MST, CFP, is a fee-only financial planner practitioner. He began his financial services career in 1996 as a personal insurance producer. David is an adjunct instructor of financial planning at Widener University where he teaches insurance and comprehensive financial planning in Widener’s CFP registered program.