Considering Becoming an Agent. I Need Advice

[dgibson9]

Feel free to be harsh with any advice given.

A little background about myself. I served in the army for 4 years, stationed in Germany for a good chunk of it, was deployed for 1 year of my time in the army. I am currently 3 part time quarters away from an associates of arts. I work in event sales (face to face sales) I have done that for over the past 2 years. 100% commission.

I have interviewed with New England Financial. They are a metlife subsidiary.

Pending my background check, I've been hired on.

I will have to obtain my health and life license and series 6 license.

The one thing I am uncomfortable with is the 25 Natural Market Surveys. After completion of this, I will have to make a 50 person wedding list.

I do not want to market my family and friends. They will know I am an insurance agent. Small talk about what I do will surely arise. If they really feel they need or want my services, I am sure they will approach me. I do not want to sell them.

Will I lose this position if I do not do this?

I have no shame marketing to the rest of the people in my state. In fact here are some ideas I would like to try.

Cold calling
Door to door
Newsletters
Mailers
Social networking
buying leads
Join organizations and activities that get me out in the 'public eye'

If I were to work this marketing plan.. would I really need my small natural market?

I have no issue working long hours for delayed gratification as I build my book of business.

Any input would be great!

 

[Frank Stastny]

Don't pitch to your family and friends.

I know why they tell agents to do it but I believe the real reason is they don't give a damn about the agent or whether or not he is successful. Their primary interest is in putting business on the books and they do it at the agent's expense.

Companies who do the Project 100 or whatever have revolving doors. They hire a new agent and tell him to work his "warm" market. They piss off their friends and family members and may sell a couple of policies in the process. Once the agent exhausts his "warm" market he doesn't have a clue what to do at that point. Gets discouraged and quits.

Bingo, the company has now increased their client base, doesn't have to pay commission on that business and they blow smoke at the next agent in line.

 

[xrac]

Do the market surveys but just do not put your friends and family on it. Get names from the phone book or wherever you can. If you can produce they will not care where the names come from. If you can't produce you will be out. Personally I have no quams about selling to friends and family. If they are uninsured and I motivate them to buy or I sell them insurance I have done them a favor.

 

[GoCubsGo]

Don't pitch to your family and friends.

I know why they tell agents to do it but I believe the real reason is they don't give a damn about the agent or whether or not he is successful. Their primary interest is in putting business on the books and they do it at the agent's expense.

Companies who do the Project 100 or whatever have revolving doors. They hire a new agent and tell him to work his "warm" market. They piss off their friends and family members and may sell a couple of policies in the process. Once the agent exhausts his "warm" market he doesn't have a clue what to do at that point. Gets discouraged and quits.

Bingo, the company has now increased their client base, doesn't have to pay commission on that business and they blow smoke at the next agent in line.

This was worth repeating

 

[Ann H]

Feel free to be harsh with any advice given.

No harshness is necessary. You sound like a fine young man. The discipline you learned in the military will help you in this industry. This industry is slow at the start, but the rewards of building a good book of business is excellent. You already mentioned that you are willing to endure the hard times for the delayed benefit. You sound like you are smart, and honest, and hard working. That's what it takes.

If you take the MetLife job, learn a lot from your mentors and supervisors. Ask a lot of questions and educate yourself. It's the training that they provide that's of most value to you. Then, if you decide to go independent or take another position, you take all that education with you. It's a great value.

I NEVER market to my friends and family. If they have a need and contact me, then okay, but I never, never market to them. They'll respect you for this. If they know you love your job, and if they hear occasionally how you're satisfied with being able to help people with their insurance, they will respect you and call you if/when they have a need. Otherwise, they'll hide from you at parties.

Hope this helps. Good luck with your new career, and I must say I am happy to hear from a "newbie" who comes to the table willing to work hard and showing a history of being able to do it!

 

[jhuang]

Friends and Family members are colder than Cold Markets...I found that out the hard way.

 

[leevena]

I agree with previous comments about not marketing to your family and friends. Just produce and no one will care.

Another suggestion came to mind as I read Ann H's post. You may want to consider diversifying the types of coverages you sell. New England will want you to sell their products of course, but keep in mind that there are other sales, such as employee benefits, retirement, etc. My guess is that most "life agents" will sell these types of coverages.
Good luck.

 

[Frank Stastny]

I agree with previous comments about not marketing to your family and friends. Just produce and no one will care.

Another suggestion came to mind as I read Ann H's post. You may want to consider diversifying the types of coverages you sell. New England will want you to sell their products of course, but keep in mind that there are other sales, such as employee benefits, retirement, etc. My guess is that most "life agents" will sell these types of coverages.
Good luck.

In my experience it is much better for a new agent to pick a product and literally become an expert on it before adding an additional product. Agents who start off with trying to be all things to all people usually struggle a lot more.

They know a little bit about a lot of things, sometimes just enough to be "dangerous" but really don't have a product that they can focus on.

I know, we all want to build a book of business as quickly as possible but I have not found that to be the most successful way to do it.

 

[dgibson9]

Thanks for the great advice.

This has reaffirmed that my prospecting to family / friends is not the best idea.

I also agree with the concept of focusing on a product and becoming an expert. I plan on focusing on term and whole life in the beginning. If the chance of cross selling other products arises of course I'll take a stab at it.

I found the idea of just filling out the surveys from the phone book a good idea, however, I'm just going to sit down with them on Monday and tell them I am willing to put a ton of work into this business, but, I will not market directly to friends and family. If they still desire to have me work for them, great. If they cannot bend on this one issue, then perhaps I am avoiding something I'll be glad to have avoided.

 

[VolAgent]

I agree with previous comments about not marketing to your family and friends. Just produce and no one will care.

Another suggestion came to mind as I read Ann H's post. You may want to consider diversifying the types of coverages you sell. New England will want you to sell their products of course, but keep in mind that there are other sales, such as employee benefits, retirement, etc. My guess is that most "life agents" will sell these types of coverages.
Good luck.

I disagree. For now he will need to focus on validating the NEF contract. Once he's done that, they worry about diversifying. Also, you can't be all things to all people.