No, they do not need to handle both. Many of the professionals you call will only handle insurance items such as life insurance and/or annuities and that is fine. Other may only handle investments or financial planning and that is fine.
When you ask the professional "what are your top 2 products and services," his answer must contain at least one of these
Life insurance (EXCLUDING final expense)
Annuities
Investment Management, Investment Sales
Long term care insurance
Financial Planning / Retirement Planning
Social Security Consulting
IRA and 401k rollovers
what are your top 2 products and services
Sometimes, you will ask "what are your top 2 products and services" and the professional replies with jargon and says "IUL" and "FIAs" You can say that you are not familiar with financial abbreviations and ask him what are those products so that he tells you.
IUL= Indexed universal life, a type of life insurance
FIA =Fixed Indexed annuity which is a type of annuity
fee-based accounts = investment management
money management = investment management
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