Pritpal Singh is a nationally licensed financial professional operating out of Houston, Texas.
Born in northeast Pennsylvania, at age three Singh and his family moved to Houston, settling in a part of the city that was predominantly comprised of followers of Sikhism, which for the record, is the fifth-largest religion in the world.
A devout follower of Sihk ideology, Singh, despite his affinity for cowboy boots, is unlike other Texans.
“I’ve never had a piece of meat in my life,” the congenial and articulate 26-year-old admits.
“I don’t smoke and I don’t drink, but that’s completely normal for me because I was brought up in that type of environment.”
In high school, Singh preferred the peace of isolation versus the hoopla of being a teenage socialite.
“I didn’t like talking to people at all, so it’s ironic now that I’m in a career where I’m in front of people all the time,” Singh says with a jovial smile, his words reminding him of who he once was, and how far he has now come, both personally and professionally.
Ironically, when it came to choosing a career path, the once reserved Singh didn’t opt to go into engineering or computer science, instead choosing to study business at the University of Houston.
Business, while carrying the potential for optimal profitability, was counter to what Singh’s parents may have expected him to major in.
For context, his father was a successful medical professional for many years, but even at a young age, the cerebral Singh noticed systemic flaws in America’s healthcare paradigm.
“This shouldn’t be a secret, especially now, but the entire American medical system is run by insurance companies. As a result, for hospitals and everyone associated with them, their revenue is dependent upon those insurance companies,” Singh notes.
“I wasn’t very attracted to working under those conditions.”
In turn, Singh contemplated becoming a CPA, which would have practically guaranteed him a stable income for the rest of his life, but even that type of financial consistency left much to be desired.
“I realized that no matter how hard you worked, you were capped out with your earning potential,” Singh says, touching on the fact that most CPAs work insane hours, often without receiving overtime.
Still, if not for an extremely unpredictable change in circumstances, Singh very well may have become a CPA.
But just a few years ago, Singh’s father was incarcerated, levying a huge emotional and financial blow to the family.
Suddenly forced to provide for his family (Singh essentially assumed the family’s mortgage), he moved off becoming a CPA and leaned into financial services, an industry that attracts a bevy of ambitious people, but simultaneously leaves just as many entrepreneurial hopefuls clamoring for the stability of conventional employment.
In that sense, it’s surprising that a quiet and humble guy like Singh embarked on a journey into a profession that offered little except the opportunity to build a sustainable business.
That being said, Singh’s back was against the proverbial wall, and he needed to begin generating serious income in order to support his family.
“I wish I could say that the motivation to get into financial services was something other than money, but that wouldn’t be accurate,” he states.
For reference, Singh had already been dabbling in financial services on a part-time basis prior to his dad’s imprisonment, a venture that was producing a modest amount of money.
Working off that, Singh believed that undertaking financial services full-time would prove to be profitable, but the Cougar alum was shocked when his first year numbers as a full-time agent didn’t match his figures as a part-timer.
“I stuck around though because I saw the opportunities and how lucrative financial services could be,” he says.
It’s true: financial services have been the vehicle for wealth building for many Americans, but the sales process can be painful, and unless you’re willing to put in an immense amount of work toward improving your craft, you will likely fail.
Again, for Singh, failure wasn’t really an option, and now, years later, he’s navigated the early years and built a book of business by offering clients an array of financial services, including:
Debt management, plus insurance and estate planning.
At present, Singh estimates that half of Americans are uninsured, but if they knew what Singh knows, it’s very likely more people would seek to capitalize on the tremendous benefits that insurance brings.
“I’ll say this: you are buying insurance for what it does, not what it is,” notes Singh, who is currently in the process of earning his Series 65 license so that he can also manage his clients’ money in the future.
Unlike some financial services professionals, Singh’s approach with his clients revolves around education, and examining the intricacies of insurance in a manner that many of his contemporaries simply cannot rival.
“There are a lot of sophisticated elements of insurance, but my job is to make those nuances easily digestible for my clients,” Singh says.
But when Singh leads with education, his aim isn’t just to communicate basic concepts so that people have a generalized, overarching view of insurance.
Rather, the objective is to help his clients understand relevant concepts that can in turn empower them to make a decision that works perfectly for their unique circumstances.
“The reason insurance comes off so transactional is because a lot of agents are selling to their prospective customers as if their clients are incapable of making a decision for themselves,” Singh claims.
“I believe my clients already possess the ability to make a decision that is right for them. They don’t need me to decide what’s best for them, but they do need me to leverage my expertise and present them with something that is uniquely tailored to them personally.”
For example, Singh was recently working with a client who was unaware that her life insurance policy didn’t adequately protect her in the event of an emergency while she was still living.
In insurance parlance, they term this “living benefits,” where one is compensated while they’re still alive, as opposed to the traditional “death benefits” that kick in when a person passes away.
“Many people think that they have living benefits on their life insurance policy, but not a lot of them know that that number is drastically less than their death benefits,” Singh explains.
“In my opinion, in the case of life insurance policies, it’s your obligation as an agent to explain these crucial details to your client, and then let them decide how they want to approach any potential health issues or accidental catastrophes in the future.”
Adds Singh:
“But sadly, too many agents are focused on making a sale by only highlighting the $1 million payouts that are part of death benefits, and not spending enough time explaining how someone can maximize their policy in the event of a horrible situation, while they’re still alive.”
In an insurance sales climate where speed is paramount, and where vital information is too often glossed over, Singh is different, his consultative and customer-centric approach arguably the key factor for why the young man who has so much responsibility has ingratiated himself to both working-class Houstonians, and those earning millions of dollars every year.
That’s because as an independent broker with access to nearly 50 different insurance companies, Singh can help budget-conscious consumers find the lowest prices available, but he also appeals to the savvy buyer whose primary concerns are more centered around wealth creation and preservation.
“I really enjoy working with people who want to discuss the nuances of insurance because, as strange as it sounds, I think it is actually easier to sell to a more sophisticated buyer than to someone who is looking to spend as little as possible,” Singh says.
“The person who just wants the cheapest price, of course I can help them find coverage, but I’m not really servicing a need as much as I am merely checking a box for them. But with the person who wants a full service consultation, I’m able to ask incisive questions and walk them through an array of contingencies, to the point where when we are done with our consultation, they feel extremely confident and are empowered to make a decision that is best for their long-term future.”
Adds Singh, again noting the differences in the needs of his clientele:
“The conversation is just different when you’re working with a more sophisticated buyer because they’re thinking about things like tax shelters or, because they’ve already maxed out their retirement accounts, they’re looking for other avenues to invest their money in.”
“Those are the most rewarding types of conversations for me to have because I can help them navigate those uncertainties and do so in a way that is not only profitable but also impactful because again, I’m leading with information and allowing the customer to form their own conclusions about what’s best for them, instead of having someone simply tell them what to do.”
Looking ahead, Singh is seeking to double down on his consultative efforts by acquiring his CFP (Certified Financial Planner) license, as well as the aforementioned Series 65 designation, two certifications that would allow him to directly manage his clients’ money.
“I love doing insurance, but I also want to serve as a fiduciary advisor, so in the coming years, I do see my practice evolving to not only serve the insurance needs of my clients, but also establish an enterprise that can effectively manage money as well,” he explains, before mentioning that his motives, while not altruistic, are also not purely capitalistic.
“I’m not looking to hit a certain dollar amount or to have a certain amount of capital under management. Rather, I want to create a business that is constantly helping people and generating referrals. In that sense, I want to become referrable.” QS
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