Guidelines for Developing the Competency of Financial Advisors in Life Insurance Companies in Bangkok

Abstract

This research article aims to study (1) the general condition of the potential of financial advisors in life insurance companies in the Bangkok area; (2) the process of developing the potential of financial advisors in life insurance companies in the Bangkok area; and (3) guidelines for enhancing the potential of financial advisors in life insurance companies in the Bangkok area to increase their effectiveness. This research is qualitative in nature. The data collection tool used was a semi-structured interview. A total of 12 participants were selected based on specific criteria, and the data were analyzed through content analysis. The study's findings revealed that: (1) the general condition of the potential of financial advisors indicates that most have knowledge of insurance products and risk management but still lack strategic consulting skills, focusing more on selling insurance than on providing advice; (2) the process of developing the potential of financial advisors should be systematic, starting from personnel selection, followed by training and development, ongoing follow-up, and continuous feedback to enhance the quality of advisors with the knowledge, skills, and ethics necessary for professional and sustainable customer service; and (3) appropriate development guidelines consist of four main areas: (a) developing knowledge in finance and investment to enhance the ability to provide in-depth consulting; (b) strengthening communication skills and building relationships with clients to increase trust and client satisfaction; (c) developing a professional attitude to grow into quality financial advisors who can appropriately advise clients and foster a positive attitude toward their work; and (d) developing comprehensive capabilities to assist clients with accurate holistic financial planning. The results of this research can be applied as guidelines for improving the personnel development process of life insurance companies, as well as for formulating strategies to enhance the capabilities of financial advisors to compete and provide the highest quality service to clients.