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Insurance agent vs finance advisor

The differences between insurance agents and finance advisors can be seen in a few details. Each job has different responsibilities and duties. Additionally, a finance advisor has an average salary of $64,993, which is higher than the $51,936 average annual salary of an insurance agent.

The top three skills for an insurance agent include customer service, insurance sales and health insurance. The most important skills for a finance advisor are team support, wealth management, and securities.

Insurance agent vs finance advisor overview

Insurance AgentFinance Advisor
Yearly salary$51,936$64,993
Hourly rate$24.97$31.25
Growth rate6%15%
Number of jobs67,977106,311
Job satisfaction5-
Most common degreeBachelor's Degree, 53%Bachelor's Degree, 74%
Average age4645
Years of experience-4

What does an insurance agent do?

An insurance agent is responsible for inviting potential clients to the insurance company by offering different insurance services. Insurance agents must have a comprehensive knowledge of insurance types to provide the clients with the best insurance option in the market. The insurance agents should evaluate a client's long-term needs and financial goals to create individual packages as the insurance company allowed. An insurance agent also handles policy renewals and keeps customers' insurance files for reference.

What does a finance advisor do?

A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.

Insurance agent vs finance advisor salary

Insurance agents and finance advisors have different pay scales, as shown below.

Insurance AgentFinance Advisor
Average salary$51,936$64,993
Salary rangeBetween $30,000 And $88,000Between $34,000 And $121,000
Highest paying CityNew York, NYNew York, NY
Highest paying stateHawaiiNew York
Best paying companyZ Capital GroupEnbridge
Best paying industryFinanceFinance

Differences between insurance agent and finance advisor education

There are a few differences between an insurance agent and a finance advisor in terms of educational background:

Insurance AgentFinance Advisor
Most common degreeBachelor's Degree, 53%Bachelor's Degree, 74%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Minnesota - Twin Cities

Insurance agent vs finance advisor demographics

Here are the differences between insurance agents' and finance advisors' demographics:

Insurance AgentFinance Advisor
Average age4645
Gender ratioMale, 51.6% Female, 48.4%Male, 72.3% Female, 27.7%
Race ratioBlack or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1%Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1%
LGBT Percentage7%5%

Differences between insurance agent and finance advisor duties and responsibilities

Insurance agent example responsibilities.

  • Used consultative upselling techniques to provide leads
  • Maintain personal and confidential Medicare & Medicaid customer information following all HIPAA.
  • Follow all applicable HIPPA and privacy regulations.
  • Explain medical plans to Medicare / Medicaid eligible clients to ensure best fit.
  • Identify and solicit sales prospects in agency database and in the general marketplace.
  • Develop productive business relationships with key marketplace players by identifying the right products and services.
  • Show more

Finance advisor example responsibilities.

  • Manage all budget and forecast submissions into Hyperion.
  • Manage $3MM private investment portfolio consisting of mid-cap/large-cap equities.
  • Structure and manage investment portfolios using a range of financial instruments, including equity securities and fix income instruments.
  • Manage and strengthen customer relationships through cross-selling and up-selling to maximize retention and income generation by contacting existing and prospective customers.
  • Research eligibility and status of all Medicare and Medicaid patients.
  • Perform portfolio analysis using MorningStar workstation and complete cost basis research project.
  • Show more

Insurance agent vs finance advisor skills

Common insurance agent skills
  • Customer Service, 25%
  • Insurance Sales, 8%
  • Health Insurance, 6%
  • Life Insurance Products, 6%
  • Financial Resources, 6%
  • Auto Insurance, 5%
Common finance advisor skills
  • Team Support, 7%
  • Wealth Management, 7%
  • Securities, 6%
  • Strong Computer, 6%
  • Financial Services, 6%
  • Client Facing, 5%