jdjinsguy
Expert
what are the biggest mistakes a new final expense agent can make? I thought this might save a few newbies a little pain and frustration....thanks
Biggest Mistakes
- Thread starter jdjinsguy
- Start date
- 133
Make sure their bank acct is drafted on their pay date. If they run a draft on any other date, you are likely to get an NSF notification and a charge back. Charge Back's can make or break you in this business. Strive for high persistency and don't worry about the amount of premium. If they're happy with the amount of coverage and monthly premium, you should be too.
One of the biggest mistakes I see new agents make is blaming their lack of sucess on bad leads. They need to learn to look in the mirror.
While many FE clients are not all that bright, they do seem to have a nack for knowing when they are being fed a bunch of horse ****.
While many FE clients are not all that bright, they do seem to have a nack for knowing when they are being fed a bunch of horse ****.
- 130
Not giving enough presentations.
- 19,666
Biggest mistake any new agent can make is assigning commissions. Next biggest mistake is not having enough interested prospects to talk to.
Giving up commisions for leads is not a bad thing. Especially for new agent. Just don't assign those commisssions.
- 5,309
FE is a never-ending grind. So see the people from sunrise to sunset.
And peaks and troughs are normal in the business. Focus on activity first (total presentations done weekly) versus AP weekly total.
Commissions come with consistent numbers of presentations.
Also, the learning curve for this business is about 6 months. The finer points can take longer as you develop.
And peaks and troughs are normal in the business. Focus on activity first (total presentations done weekly) versus AP weekly total.
Commissions come with consistent numbers of presentations.
Also, the learning curve for this business is about 6 months. The finer points can take longer as you develop.
- 19,666
To go along with that, don't try to do anything but FE. Don't get caught up the marketer BS os cross selling. Especially the ons that say to sell annuities to the FE market.
Med sups can be a small part of the FE add on. More MA plans to that market but those can be added later. Don't try to be all things to all people. If you want to make it in FE then be an FE agent.
Once you get FE down then look at growing to othe products but still maintain your core.
I'm a slow learner. Readen said it takes 6 months. It took me way longer than that. But 6 months is where most agents hit "chargeback hell". If you power through that and come out the other side then you will probably make it in this field. It's not all smooth sailing from there but the waters are much calmer.
- 4,716
Solid Advice!To go along with that, don't try to do anything but FE. Don't get caught up the marketer BS os cross selling. Especially the ons that say to sell annuities to the FE market.
Med sups can be a small part of the FE add on. More MA plans to that market but those can be added later. Don't try to be all things to all people. If you want to make it in FE then be an FE agent.
Once you get FE down then look at growing to othe products but still maintain your core.
I'm a slow learner. Readen said it takes 6 months. It took me way longer than that. But 6 months is where most agents hit "chargeback hell". If you power through that and come out the other side then you will probably make it in this field. It's not all smooth sailing from there but the waters are much calmer.
If you take a 6 month advance and they cancel after 6 months do you still get charged back?
Could one minimize the damage by taking just a 6 month advance?
- 19,666
No, you wouldn't be charged back on that. They only charge you back the unearned portion of the advance. If you are on a 6 month advance and they cancel after 6 months then there is no unearned commissions to be charged back. We are talking about a clienbt cancel here and not a recission.
I believe it's best to paid as earned. Most new agents can't do that so taking as short of an advance as one can live with would be best.
I'm as earned now on all companies for life and med sups except one and I get a 6 month advance on that one. I intend to move that one to as earned soon.
- 4,716
I suppose if an agent were disciplined enough they could take any money they were paid over say $700 a week and put it into a savings account during the first six months to cushion the blow of chargeback hell....but when you have to buy leads it really compounds the problem...no easy answer to the dilemma. Sometimes it seems like.. commission = lead cost & gas
