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The Ukrainian National Bank wants to bring the term "financial consultant" on life insurance

The Ukrainian National Bank is considering possibility of introducing the “financial adviser” concept proposed by the life insurance market, writes Interfax-Ukraine.
The Ukrainian National Bank wants to bring the term "financial consultant" on life insurance

The regulator and specialized associations analyze products, compare them, and provide information to the client about their benefits in European practice. Careful attention is paid to the contract articles which imply a possible refusal of payment or non-covered risks. Thus, a consumer becomes more literate, he learns to compare, choose and form the product he needs. This applies not only to insurance services, but also other financial institutions.

Inna Belyanskaya, The Board Member of MetLife Ukraine, spoke about what a financial adviser should be and what criteria he should meet in her column. In her opinion, financial counseling is a special and very personal type of relationship. For some clients, working with a starting consultant or adviser with 2-3 years of experience in business and deep knowledge may be the best option, while another client will choose to work exclusively with a professional with at least 10-15 years of experience in financial consulting.

Approaches may vary depending on situation and personal preferences; however, the consultant needs at least the minimum experience in the financial sector. It is crucial to be an experience in the practical application of knowledge mentioned by me earlier, such as financial planning, evaluating various financial instruments and analyzing their reliability.

Source: https://forinsurer.com/news/20/03/03/37719

Photos are from open sources.

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