A CAREER IN FINANCIAL PLANNING WITH PRUDENTIAL ADVISORS

Transcription

1 A CAREER IN FINANCIAL PLANNING WITH PRUDENTIAL ADVISORS

2 Prudential financial professionals have the opportunity to grow their practices by pursuing Prudential s fee-based financial planning services as a specialized career path. YOUR PARTNER IN SUCCESS The Prudential Insurance Company of America is strongly committed to building a diverse and inclusive workforce that employs, encourages and empowers individuals from a variety of backgrounds, life experiences, world views and education levels. Our company invests in your success, and offers an accepting environment where you can enjoy a flexible and fulfilling career selling insurance and financial products, including investment advisory services such as financial planning. A comprehensive training and development program, combined with prospecting, target marketing and practice-building support, provides a strong foundation on which you can build your very own business. CHALLENGE YOURSELF TO MAKE A DIFFERENCE Once you complete the requirements to become a Financial Professional Associate, you will truly start to build your own business and begin to enjoy the rewards of this entrepreneurial career. In addition to our highly recognized brand name, Prudential has many programs and tools that may help to accelerate business growth and take your practice to the next level. One of the options you have is to become a financial planner and provide objective, comprehensive and modular financial planning advice across a spectrum of client needs. Prudential financial planners follow a structured process that includes clarifying financial goals with the client, gathering and analyzing information, and delivering recommendations and action plans. The process helps to build long-term relationships with clients who enjoy a holistic and consistent experience. Year-after-year, our data demonstrates that this process provides substantial benefits to both the client and the planner. 1

3 Prudential financial planners enjoy many advantages, including: The financial planning engagement allows you to be paid or share in a planning fee. Planners benefit from our training and development plan, plus a formal financial planning mentoring program. In addition, Prudential financially supports the pursuit of advanced designations such as CFP, ChFC, CLU and RICP. A platform with marketing and client communication materials and financial planning software tools, such as the well-known NaviPlan software. A specialized team of experienced professionals available to provide ongoing front line consulting support on planning software, financial plan development, financial planning concepts, and marketing strategies. The Excellence in Financial Planning Award that honors the top ranking planners and managers. Award winners are invited to attend an expense-paid educational event. During that event, the winners enjoy a day of sharing best practices. Additional bonuses for top-level planners based on fees from delivered plans. A council of Prudential planners who provide ongoing input and perspective on program initiatives to help enhance the program. An operations and web-based business system structure that supports efficient practice management. A legal and compliance infrastructure that helps support the business needs. A wide spectrum of Prudential and non-prudential products to help clients meet their financial needs after the planning process is completed. This is available to all Prudential financial professionals. The flexibility to offer comprehensive and modular planning engagements to clients. In general, a manageable quota of six plans delivered each production year to maintain financial planner status.

4 ARE YOU READY TO BECOME A PRUDENTIAL FINANCIAL PLANNER? Explore the World of Planning Prudential offers opportunities to learn about financial planning to determine if it s the right career for you. As a Prudential financial professional, you may engage a client with a fee-based financial planner to develop a plan, and the client remains with you for servicing. You will simply work with the Prudential planner to build a financial plan for your client. Generally, financial professionals at Prudential may share in product implementation following plan delivery, licensing permitting. As always, having as many product licenses as possible is the best way to engage in joint work. You may add to the above by completing on-line training and meeting Prudential and state investment advisor representative requirements to become an approved solicitor. Individuals with this capacity solicit clients who may be interested in investment advisory services through Prudential. Another benefit of being an approved solicitor is that you may also share in the financial planning fee, if you so desire. After you engage with your clients in one or two formal plans, you will have the knowledge needed to determine whether you should continue to refer the services of a planner to your clients or become a financial planner yourself. Transition to Become a Planner or Build a Planner Staff After you explore the power of planning, you may want to become a planner yourself. Or, as a manager, you may want to build a planning staff. In general, this includes completing the training discussed above and also, expanding your skills using software. You will also attend a live, face-to-face training event for several days in New Jersey, where you will engage with others to further develop your skills. After school graduation, you will have access to the people who will support your growth, planner marketing materials, and other benefits such as the Excellence in Financial Planning Recognition Program.

5 The Financial Planning Advantage 1 Prudential has been tracking the results of households that have engaged in the financial planning process for many years, and the results have been consistent. When comparing households with a plan to those without, planning households, on average: Own more than double the number of products (excludes plan) Purchase more than double the life insurance premium Invest more than triple the Assets Under Management Remain with Prudential longer In addition, Prudential financial planners earn higher revenue on average than those who are not in the Prudential Financial Planning Program. 1 We call this the Financial Planning Advantage. A career in financial planning could be your key to success!

6 Why Offer a Formal Mentoring Program? This initiative helps to encourage, teach, and inspire new planners in order to better position them for future success in a planning business model, while also rewarding mentors. Objectives Improve financial planner success rate both new and experienced participants Increase productivity Encourage joint work and practice transfer opportunities Your formal mentoring relationship will only last for two years for reporting purposes, but in reality, the relationship could last a lifetime! The Excellence in Financial Planning Recognition Program There are 20 Excellence in Financial Planning Award winners for the highestranking: National Financial Planner 15 Financial Planners following the National Financial Planner Rookie Financial Planner Sophomore Financial Planner Junior Financial Planner National Financial Planning Firm Awards All award winners will receive an invitation to attend an educational conference, our annual Financial Planning Symposium, and will receive an award plaque.

7 Bronze, Silver, and Gold Tiering In addition, every financial planner that completes the annual requirements will be assigned a tier of Bronze, Silver, or Gold for the following year offering certain awards and benefits. Tips for Launching a Successful Practice Become a formal mentee or consider joint work with a successful planner. Set up a consistent process and stick to it. Of course, as you gain experience, your process will change. Set up a planning fee schedule and decide which client profiles may move your fee up or down. Increase your planning fees annually. Always explain to everyone you meet that you are a financial planner, what planning is and is not, what your process looks like, and how you get paid. Role-play often with family and friends. Some planners update plans annually; some every five years. Decide which schedule you prefer, and let your clients know that planning is not once and done. Become very familiar with what the Prudential planning agreements and disclosures say. After you gain experience, consider offering a plan for your centers of influence. Seek feedback from clients after plan delivery. Can t recall? Then don t waste your valuable time. Call your home office support team for questions regarding marketing, policies/procedures, and software. Set specific times in your calendar to work on client plans without interruption. Invest in yourself and your business! Earn an advanced designation, such as CFP, to make yourself more marketable. Join a study group to advance your knowledge. Learn the planner software inside and out for meaningful client discussions. Then consider getting help. Hiring or sharing a paraplanner may be the way to get the support you need.

8 Partner With A Leader Prudential Financial has been helping individuals and institutions meet their financial challenges for more than 140 years. With our global presence, we are one of the most recognized brands in the financial services industry and have a diverse range of businesses including insurance, investments, and retirement. Prudential is the second-largest life insurer in the United States (life and group combined) based on total admitted assets. 2 Our domestic insurance company subsidiaries financial strength is rated by the major independent rating agencies as follows. 3 Assets Under Management $1.218 trillion (as of March 31, 2016) Gross Life Insurance in force worldwide $3.5 trillion (as of December 31, 2015) The Prudential Insurance Company of America Financial Strength Ratings A.M. BEST COMPANY FITCH RATINGS STANDARD & MOODY S A+ A+ AA- A1 Prudential Advisors is a brand name of The Prudential Insurance Company of America, Newark, NJ and its subsidiaries. 1 Prudential data as of December At December 31, 2013, ranking for Prudential Financial, through its life insurance companies, according to A.M. Best. 3 Ratings ranges: AAA (Extremely Strong) is the highest of 21 ratings that Standard & Poor s extends, the lowest being R (has experienced regulatory action), and is a measure of claims-paying ability. Aaa (offers exceptional financial security) is the highest of 21 ratings that Moody s extends, the lowest being C (having extremely poor prospects of ever offering financial security), and is a measure of financial security. A++ (Superior) is the highest of 16 ratings that A.M. Best extends, the lowest being S (Suspended), and is a measure of claims-paying ability. AAA (Exceptionally Strong) is the highest of 21 ratings that Fitch Ratings extends, the lowest being C (Distressed), and is a measure of insurer financial strength. Ratings are not an indication of any variable portfolio s performance, which fluctuates with market conditions. Ratings are not a guarantee of future financial strength and/or claims-paying ability. Note that Pruco Life Insurance Company of New Jersey and Prudential Annuities Life Assurance Corporation are not rated by Moody s. The above ratings are subject to change and do not reflect any subsequent rating agency actions. Please visit our investor relations site, for the most current ratings information, or the website of the relevant rating agency. Offering financial planning and investment advisory services through Pruco Securities, LLC (Pruco), doing business as Prudential Financial Planning Services (PFPS), pursuant to separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies