Considering a Career with MassMutual Have Some Questions for anyone that Has or Currently Works for

[DHK]

 

[Vbarone23]

Okay great thank you I watched the video that DHK posted (Thank You for that) and think I would primarily focus on the middle income market ( families, homeowners etc. then transition into the business market since it is more difficult, and the video said that if you start there you will fail.

and for COI's do you mean you also asked the P&C agents and financial planners to provide you with names or did you ask them to meet with you, to see you can talk about ways to solve some problems and do a discovery and have a conversation.

 

[ktmorgan]

Project 200 = The old saying "Hiring 'um in classes, Train their asses and then Fire 'um in masses.

The dirty little secret, that's not so much of secret is that 90% of people hired will fail out and not make their contract. All those BGA Sales Mgr's who are driving Maserati's and Jag's and SLC 600's most likely didn't get that way from writing all that business "from their own pen."

They generally hire most anyone with a license and a pulse that can dress themselves properly and speak some semblance of English. Those people then turn around sell all their family and friends a policy of some sort. When there's no more family, grandmothers and friends (Project 200) to sell to they end up not making their contract and get fired.

The Sales Mrg's then take over those policy's and keep any renewals or trails or any other cross-sales later on

Be real careful when taking to these guys. My advice to you is go beat the bushes and cold call and find a solid local BGA who will really take the time to take you under their wing and teach you this business. Or if you're determined to go the "captive route" then go to a local Guardian or Northwest Mutual and branch and get hired there. It's been my experience that NWM has probably the best true training program left in the biz. The LIMRA numbers prove that to be true.

Sorry to be so blunt, but you deserve to hear the truth and be fully informed.

 

[Vbarone23]

Okay great thank you, I had an interview with northwestern mutual and was not entirely sold on them, due to them making you pay for office space and stuff. I am also meeting with two other people from Massmutual next week and they are going to talk to me. The managing sales director says he might place me on a team with them. Thank You

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also, what is LIMRA? Thank You

 

[DHK]

Life Insurance Marketing and Research Association

LMGTFY

 

[Vbarone23]

Okay thank you I have heard good things about guardian as well, not so much about NWM though, also Justin has provided some great advice, I think he used to work for them. he told me a lot about networking events etc. and yea all of the BGA sales managers were probably on a team with more successful agents and helped service some of their existing clients, the recruiter and the managing sales director have talked to me about the team thing before.

 

[DHK]

I do not have first-hand experience with Guardian, but there are a few people here to do.

Generally a very solid company, and for a mutual company, rather liberal with allowing outside selling contracts - particularly to allow you to sell fixed indexed annuities and fixed indexed universal life insurance. (All of which is generally still not allowed at MassMutual or any other large mutual insurance company.) I do give Guardian credit for coming out with the first "indexed interest" credit option on their whole life policies.

I do think that Guardian has over-engineered their product line. I don't understand why they have a WL pay until age 95, pay until age 99, and one to pay until age 121... and about 10 different dividend options?? MassMutual's product line is simpler than that.

Also, they have their own "in-house" selling system called Living Balance Sheet - based on the LEAP system. It's good overall, but it'll take a long time, so you'll be encouraged to find the right kinds of clients to take through the process.

You should definitely look into your local Guardian agency and compare with the Mass agency you are interviewing with. Make sure you ask about training structure and your personal costs of doing business as an agent.

 

[Vbarone23]

Okay yea I submitted an application to them, they do compensate you for the first four years which is nice, as well as pay for your office stuff. and yea I will compare them, but Justin gave me good advice to follow with MassMutual, so I am not really sure, I just want to be able to help people in the finance and Insurance industry since I have insurance experience at least, and make a lot of money doing it.

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The project 200 is just a blank list. It can be a tough start to actively prospect them, which is why the letter/newsletter approach works well.

Doing social media should be a night time or weekend activity at this stage in your career imo. Likewise with networking it should be considered supplementary prospecting to cold calling or cold walking business owners.

If you're going to supplement your cold prospecting and passive database passive marketing with networking here's a way to go about it, attend the networking events, and ask people who they're hoping to network with or what kind of clients they look for. Then tell them who you're looking for. If they fit one of the niches ask them for a card and then ask them if they're on Linkedin, if so do a soft approach, "we should connnect," which they promptly agree to.

Get their card, connect with them on linkedin, message them to tell them that I appreciated meeting them and to confirm their address to send something to them. I then offer to meet with them to talk about ways to solve some problems and do a discovery and have a conversation. Not everyone will say yes but at least try to get them to allow you to drip on them with a newsletter.

I do this with COI's i.e. other financial planners or P&C agents that don't do Medicare or Long Term Care, but it will also work with business owners.

If you decide to network you will want to focus on 2 niches of people:
1. Anyone who can breathe that will allow you to do a financial fact finder if you go down the comprehensive planning route
2. Business Owners comprised of two types: those who have licenses (attorneys, accountants, doctors, dentist, architects, engineers, optometrist, radiologists etc.) or those that have a brick and mortar business (printers, distributors, shop owners etc.)

If you go down the cold door knocking route you will need to door knock 40 businesses per day, 200 per week to make it in the business imo.

If you get the OCS (mass has a discount and recommends agents to use this) planner system that helps you track your prospecting your numbers according to that system will look like this:

200 businesses per week = 1000 businesses per year
Of those 200, you will find (over the course of 3 years) for every 10 business owner contacts you have 7 that will be not interested. 3-4 of that 7 will allow you to send them a newsletter or drip on them via email.

That leaves 3 that are interested in your service of which 1 will become your client.
That means of the 1,000 BO's:
1. 300-400 will let you send them info and stay in touch the other 300-400 of the 700 not interested will either not like you for whatever reason, doesn't believe in the product/service, or has someone else take care of it for them.
2. 200 will be considered warm leads to also stay in contact with should they change their mind
3. 100 will become clients

Take your avg commission and multiple it by 100 to get your approximate 1st year income if adhering to adding 200 contacts a week to your system.

Remember social media, networking, asking for referrals should be supplementary to cold prospecting..

Thank You again for the advice, I will look at it and use it during my prospecting, as a way to successfully build a client base, if you have any other advice or information that you want to share let me know. Thank You

 

[ktmorgan]

Here is a computerized version of Al Granum's great "One Card System" (OCS). I would highly recommend you use something like this to keep your activity high which has a direct correlation to reaching your sales goals and keeping your clients happy in the follow up.

Alberstein Consulting - Alberstein CAM Report

I think MM will try to give you the book version of this. Talk them into springing for this system. I don't think it's all that expensive, I can't remember exactly. Learn it and use it, you'll be happy you did.

EDIT: And if you really want be a killer producer and build a book that will serve you for a lifetime, learn to lead with DI. Maybe not "white collar" IDI yet. You're not ready for that yet. But there is ample opportunity today to sell to the "blue & gray collar" market. i.e. the owner or partners of an HVAC, Plumbing, Mechanical or Building Contractors. Just pick up the phone book and go right down the line.

Sell them DI and then you come back later on and sell them BOE or Permanent Life or .... whatever.

Just know that I just gave you a nugget of Gold right there.

Okay yea I submitted an application to them, they do compensate you for the first four years which is nice, as well as pay for your office stuff. and yea I will compare them, but Justin gave me good advice to follow with MassMutual, so I am not really sure, I just want to be able to help people in the finance and Insurance industry since I have insurance experience at least, and make a lot of money doing it.

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Thank You again for the advice, I will look at it and use it during my prospecting, as a way to successfully build a client base, if you have any other advice or information that you want to share let me know. Thank You

 

[Justin Bilyj]

Thank You again for the advice, I will look at it and use it during my prospecting, as a way to successfully build a client base, if you have any other advice or information that you want to share let me know. Thank You

I have two main books I recommend, you could read both in one day:
Prospecting Made Easy
Go for No

The premise of this business is simple and yet difficult to pull off consistently; meet people, ask them a few questions, ask to stay in contact with them if they aren't interested, and build a database that you can stay in contact with throughout the year so that when they're ready you're first of mind and top of the list.