Banking, insurance and wealth management professions


In the field of financial investment and insurance, there are several distinct professions photo credit: Shutterstock

Savings, insurance, assets, investments: in all these areas, you can be in contact with professionals called bank advisors, general insurance agents, insurance and mortgage brokers or even wealth management advisors. But do you really know the specificities of each of these professions?

Summary:

  • The bank advisor: the interface with your bank

  • The general insurance agent: your contact with your insurer

  • The insurance and real estate broker, for advice and price

  • The CGP, to develop real heritage strategies

The bank advisor: the interface with your bank

The bank adviser, sometimes called “private customer representative”, is your privileged contact within your bank. He ensures the promotion of the establishment’s products, while detecting your needs. He can advise you on a range of savings and insurance products. He is also responsible for setting up certain credit files, for example in the context of a mortgage. More generally, it ensures compliance with prudential rules and is responsible for out-of-court recovery in the event of an overdraft.

To know

Online banking customers do not have a dedicated bank advisor. However, it is easy to contact an advisor by phone, e-mail, instant messaging and social networks. The contact hours are much longer than in the agencies. And the rates charged are much lower than those of network banks.

The general insurance agent: your contact with your insurer

The insurer is also called “general insurance agent”. His function is to make the link between the clients and the insurance company for which he works. It is a business leader, in charge of his or her agencies. Its role is to determine the needs of its clients and direct them towards the most protective contracts. While growing its customer base. The areas covered by the insurance are very broad: health, car, home or even financial investments. It is also the general insurance agent who accompanies its clients in the event of a claim, until the payment of the indemnities provided for in the contract.

The insurance and real estate broker, for advice and price

There are also insurance brokers. Unlike insurers, they do not sell contracts directly: they help their clients to take out contracts according to their needs for in-depth knowledge of the environment and independent of insurance companies, the insurance broker has, above all, an advisory role. It is also very useful for obtaining favorable rates. The insurance broker is a merchant, registered as such in the Trade and Companies Register (RCS).

In the same way, but this time in the field of stone, the mortgage broker has become essential. Again, this specialist aims to guide you, save you time and money. He does not work for a bank and aims to build your borrower file and negotiate the terms of your loan with financial institutions. Therefore, it will analyze your profile from every angle. This can sometimes hold good or bad surprises in terms of borrowing capacity. The mortgage broker also negotiates borrower insurance and bank charges in the event of a change of establishment.

To know

A broker can be remunerated by his client. His fees are then mentioned in the mandate signed by the parties. However, most often, it is the professional who pays him, insurer or bank. He captures to his advantage part of the price he was able to negotiate.

The CGP, to develop real heritage strategies

Generally, a Wealth Management Advisor (CGP) is a professional from the world of finance, insurance or law. He works within a firm which may possibly have several collaborators, each with an area of ​​expertise.

To know

The activity of a CGP is supervised. Consequently, he must be registered with ORIAS as an Insurance Intermediary, or an Intermediary in Banking Operations and Payment Services (IOBSP) or as a Financial Investment Advisor (CIF). A CGP can also have recognized skills in terms of real estate transactions (T card). You can check this information directly on the ORIAS website.

The objective of the CGP is to draw up an assessment of the assets of its clients (individual or family) then, on this basis and that of the objectives pursued by the latter, to issue advice and develop personalized financial and tax strategies. To do this, he can propose orientations in terms of financial investments within the framework of various envelopes (life insurance contract, capitalization contract, PEA, PEA PME-ETI, retirement savings PER …), recommend arbitrations and set up financial, tax and asset arrangements.

CGP or CGPI: independence in question

There are CGPs, Wealth Management Advisors, and CGPIs, Independent Wealth Management Advisors. The difference between the two statuses is significant. Indeed, to claim to be “independent”, a wealth management professional must be exclusively remunerated by his clients through fees. He therefore does not have the right to receive, by way of remuneration, a percentage on the products that he could have his customers buy. This independence is a form of guarantee assuring the client that it is his own objectives that are followed, and not those of his adviser. Since January 1, 2018, with the application of the Mifid 2 law, finance professionals, including CGPIs, must be transparent with their clients, particularly with regard to their pricing policy.

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