Guardian Life to Hire 450 Financial Reps

Halfway through its hiring plans for 2012, insurance company Guardian Life is planning to bring on hundreds more financial representatives for its agencies across the U.S.

The company has hired 395 of the 800 financial representatives it planned to hire this year, said Kevin Benjamin, vice president, career agency distribution. The company will hire 450 more during the next six months, Benjamin said, bringing the total number of hires this year to more than 840 if the business demands it.

Guardian, based in New York, sells financial advice and products such as life insurance, annuities and disability protection. Its clients include individuals, business owners and employers.

The company has seen a growth in demand for financial planning servic, Benjamin said. Guardian hired about 800 financial reps in 2011 and 2010; prior to that it hired about 600 such people a year. "After what happened with the economy in 2008 and 2009, people began to look for quality companies," said Benjamin.

"There's a huge opportunity in the market," he said. "People can't count on social security and pensions the way they used to and they need to take ownership of their financial security. They need financial advisers who can offer an objective perspective."

While the company doesn't track how many clients it acquires per year, Benjamin said the number of life insurance policies the company issues is up 10% this year over last, a trend he attributes to clients' desires to provide for their families and use life insurance as a planning tool.

While some natural attrition occurs at the company every year, the attrition rate is less then 10% for representatives who have spent at least five years with the company.

Financial adviser employment is projected to grow by 32% between 2010 and 2020 to a total of 273,200, according to the Bureau of Labor Statistics. Northwestern Mutual, a Milwaukee, Wis. based-financial services company, said in February it would hire 2,400 sales representatives this year.

Hiring will take place at Guardian's 90 agencies around the country. The agencies are affiliated with the parent company but have different names depending on their location.

The firm also wants to hire younger financial advisers. The average age of a financial representative is 46 at Guardian, well below the industry average of 57, Benjamin said. Benjamin said he thinks younger advisers will be able to sell products more easily to younger clients and will form long term relationships that will result in more financial products being sold over time.

"We're looking to attract a new generation of advisers into the business," said Benjamin.

Another demographic targeted for hiring: women. "This is a great career for women and we can offer flexible opportunities," Benjamin said. Of Guardian's more than 3,000 financial representatives, 18% are women. Over the past few years, about 23% of new financial representatives have been women, and out of the 840 reps to be hired in 2012, about 24% will be women.

Applicants don't need to have sales experience. Guardian Life offers intensive training programs, Benjamin said. "We're looking for people with strong drive and people looking for an entrepreneurial career."

Write to Julie Steinberg at julie.steinberg@dowjones.com