Advisors give mixed reactions to the company’s latest advertisement in which an agent resists temptation to mis-sell a policy to a prospective client.
Max New York Life Insurance’s latest commercial featuring an advisor trying not to give in to his temptation to misguide a prospective client into buying a wrong policy has generated a lot of buzz among financial advisors. The advertisement features an insurance agent as the protagonist than the product or investor. Will the commercial help in raising the trust level for advisors? Cafemutual spoke to leading financial advisors to find out what they have to say.
A welcome change
“Insurance advisors have been slammed time and again. Insurance firms have recognised this fact and they are trying to address it. It’s a welcome change. This initiative is good for the industry. Other companies may also follow suit,” says Suresh Sadagopan of Ladder 7.
Can’t generalise that all advisors are bad
“It is not necessary that the advertisement is trying to criticise other agents. I don’t think we can generalise that all distributors have been shown in the bad light since they have a closed architecture model. The commercial says that the company’s advisors are well-trained and will not indulge in any wrong activity. One can’t run away from the fact that mis-selling occurs and the advertisement aims to highlight this,” Hemant Rustagi of Wiseinvest Advisors.
Far from reality
“It may not translate on the ground. The advertisement says that the policy is a long term savings product. Life insurance is not a savings product. It is supposed to protect your family against any uncertainties,” says Dinesh Khemlani of Comsol Financial Solutions.
Not in the right spirit
“It is not in the right spirit. The advertisement portrays that their agents are good which might not be the case,” says Yogendra Joshi of Moneybolism Financial Solution.
Train the agents
“It will be good if the portrayal is backed by actual action. For this the company has to train the agent and inculcate the right attitude. In the high pressure selling world of Life Insurance how this can happen remains to be seen,” Yogin Sabnis of VSK Financial Services.
