How is a “life insurance practice” different from a “life insurance business”?

When I started in 1977, most everyone thought of this as a “career”. We talked about “business” and then “practice” became popular. It’s too bad too.

There is a lot of self-important talk about “practitioners in practice” today, but it hasn’t helped most advisors be more effective or productive. It has even made life worse for many. They are waiting for calls rather than making them.

Talk of “practice” comes from two mistaken beliefs. The first is that this is a profession like medicine or the law. It isn’t. It doesn’t have to be either. We are “dictionary professionals” who “make a trade of a specific endeavour, vocation or calling” to be sure. But, we aren’t doctors or lawyers, and that’s a good thing. Financial planning is much more an “art” than a science of higher learning anyway.

The second reason is that their work embarrasses many financial...

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