Effectively working from home

[HomeService]

While Frank sounds kind of harsh, he has some good points. One does need to learn by doing-- by doing it for a few years. However, you cannot learn by doing if you do not jump out there and just do it. So, you must jump out there, ready or not, and sink or swim. It's kind of an unfortunate part of this business, a lot of sinking, but sink or swim, go do it. Frank thinks maybe you are not ready to be on your own, maybe he's right. Maybe jump out there with a different captive company for some training or something. Or, go out on your own with another independent agent and just observe how they do it. Get a mentor. Something like that. There is a lot of info on here and out there in the field. It's a learning process. I think what Frank is trying to say is that you have not gotten the right experience or training - yet.

It will come, no reason to be discouraged. Go do it. Learn it, live it. It will come. This place is great for advice and tips. Put in the hard work. Learn. Then you will be the one giving tips. Could be 6 months from now, could be 5 years.

 

[Crazy Rick]

Great advice guys, I'm beginning to work out of my home too as Chuck knows and it's not easy. Dannie, you got hit the bricks, creative marketing, small ads in local newspapers/fliers, mailings, design your own tri-fold like I did. Give seminars at your library, church group, whatever.
Design your own PP presentation, clear binders to hand-out. Get some stationary and evelopes. Pull out all stops, stop at nothing if you really want to get out of there: and you sound like I did a few weeks ago.

Most of what they said makes sense. "Lots of failures", creative marketing, not giving up, etc. Look, I was a slave once too, just two weeks ago: I finally quit after eight years of "doing it all" for a warehouse/trucking company owner who to this day isn't satisfied. I don't have my Series licenses like you, you seem to be on right track and raring to go. Stick with one product for now and then add-on the rest like Med. Supps. later. That's what I did. I made up my mind in October of 2005 after going to my very first Insurance class held at the community college. It was on LTC. That evening on the way home, I made up my mind to get my licenses and specialize in LTC. In fact, my mentor is now my associate and has taught me everything about Insurance there is to know.

Yes, like you, I like disability ins. too and indy health, but in time my dear, in time. Take a deep breath, work one thing you said you liked, and that was "Disability Insurance" and go for it. The other products you enjoy will pop-up sooner or later.

Look, I don't like crappy leads either, none of us do, but it comes with the territory and we're going to get yelled at a lot. Ya keep working it until they say "Don't call back", then you move on. I especially don't like tapping my savings to pay for overpriced-overrated (sounds like the Toyota Corolla), leads, again, it's a given, a must or we'll never get to retire young!
Sounds like you got a lot of spunk and drive, just lacking some focus: I was THE SAME way, just a few months ago. You'd be very, very, very surprised how much of that clears up once you walk out that goddamn door and you wake up one morning at your usual 4am: and DON'T have to be a slave anymore. Go down to your computer, pick a task and work it. Hell, I'm so used to getting up at 4am, I only wish people would answer their phones at that hour!

Good Luck to you my dear. How ironic you're in Montana. I've been looking at property in Billings myself. I can't live in Pa forever. I love the open country (and my guns)

-Crazy Rick

 

[Frank Stastny]

While Frank sounds kind of harsh, he has some good points. One does need to learn by doing-- by doing it for a few years. However, you cannot learn by doing if you do not jump out there and just do it. So, you must jump out there, ready or not, and sink or swim. It's kind of an unfortunate part of this business, a lot of sinking, but sink or swim, go do it. Frank thinks maybe you are not ready to be on your own, maybe he's right. Maybe jump out there with a different captive company for some training or something. Or, go out on your own with another independent agent and just observe how they do it. Get a mentor. Something like that. There is a lot of info on here and out there in the field. It's a learning process. I think what Frank is trying to say is that you have not gotten the right experience or training - yet.

It will come, no reason to be discouraged. Go do it. Learn it, live it. It will come. This place is great for advice and tips. Put in the hard work. Learn. Then you will be the one giving tips. Could be 6 months from now, could be 5 years.

Well said.

If I am being kind of "harsh" it's because this is that kind of business. It truly is survival of the fittest, dog eat dog and as you said, sink or swim.

It is the toughest job I have ever attempted. However, when it works it is like having a license to steal. When it doesn't is sucks out loud.

It took me almost a year when I first started to become real comfortable with my "dog and pony show" both on the phone and in the home. Lots of screw-ups and failures. Each time I made it a learning experience.

Learning to listen, when to talk and when to shut up. How to hear what they aren't saying and cover their objections before they voice them. When to close and when to say "thank you, can I check back in six months to see if your situation has changed".

There doesn't seem to be any middle ground. One is either at the top of the mountain or three feet lower than whale Shiet in this business.

Only the most determined and hardest working survive and they for the most part have done it all by themselves. That is one of the most rewarding parts of this job. Knowing that you are in control of your own destiny. You do not have to answer to or rely on anyone.

For people like me who know that they "don't play well with others" it is the only way to go. Even when it sucks.

Leading a new agent into believing anything else is doing them a great disservice.

 

[DM77]

You first have to decide on a product you want to sell and then learn everything about it so you are an expert in that line of insurance.

Again I'm confused. If you have spent 6 1/2 years working for investment reps you should know that business backwards and forwards. Why are you not going to continue doing that as an independent agent? Why would you want to move into product lines that you know very little about when you have all that background and knowledge going for you?

I'm at a crossroads right now. 1 option is to stay with my current firm. I'm basically a dual 'employee' in that 1--I'm their employee and get paid by the hour to 'assist' them. 2--I'm an independent rep with the b/d and have my own rep code, etc that I write my own business under. I currently have a mere $25k AUM in mutual funds, 7 life insurance policies, and 1 disability policy...all of which were done in the past year. No--not very good production but when I've been doing everything for 2 reps, trying to train a new assistant who has NO exposure to this type of business let alone a work environment that changes daily, I don't have much time at the end of the day to do any of MY stuff. I tried mixing it all but then my bosses (who mind you share in my commissions) tell me to do it off the clock on my own time. So, what I want to do is to tell them they only get me for 30 hrs a week (to start) so I can work on my production from my house (where they can't bother me). Then, as my production picks up I'll shave off more time as their assistant so I can spend more time producing. Basically this will give them the hint that I'm serious about doing this because I'm reducing my 'guaranteed' pay with commissions. And hopefully they'll realize they need to start trying to find someone to replace me as the sales assistant.

Why am I not doing investments? Well, that's not my comfort zone. Yes, I do understand stuff but it's quite complex. Compliance wise, I'm tired of the rules always changing and basically making it more and more difficult to do business. But here's the other thing, I'd like to use the insurance as a bridge to discuss their investments. It's relationship building.

If you have not sold insurance for the last seven years you in essence are starting from scratch, especially if you want to get into the senior market.

I haven't decided if I'm going to focus on the senior market yet. However I've still been involved with working with the senior market as 60% of the clients I've been dealing with are 65+. And I've kept up with LTCi and med supps. We do quite a few fixed annuities as well. We're not just stocks, bonds, mutual funds. Why don't I just market to the existing clients?...well they're not my clients. I won't get anything but a good job from my bosses if I sold them anything else. I'm trying to separate myself from my bosses because I want to reposition myself as a rep/agent. To those clients, I'm the assistant and will always be the assistant.

If you really think you want to pursue selling insurance as a career I would suggest you start by being a captive agent with an insurance company, not an agency. You probably are not going to get very much in the way of formal training but at least you will be working with other agents who's brains you can pick. Maybe one or two of them will take you under their wing and guide you through the basics.

My problem with a capitive agency is that I'll have to give up my existing clients to do so. And, that's how I started in this business...a captive agency with little/no training. I get lots of training now...almost too much. With LTCi, I get pretty good training through the FMO I'm appointed through--SIA Marketing, Bismarck, SD. I have access to Genworth, John Hancock and MedAmerica through them. For Supplements, if I went that route, my only choice is Mutual of Omaha. I'm not sure if I want to sell Supplements.
For life & disability insurance, I use Bisys/Crump so I have access to various carriers. For estate planning needs, I have two FMOs to use for help, Sellin Advisor Group-Idaho or Insurance Advisors-Fargo, ND.
For VAs--that's what the wholesalers are for.
I have all of the product support I need. At this point, going with a captive agency would be pretty boring. However, the upside would be that I'd have a focus--very narrow focus.

My challenge is on where to find the business and doing so efficiently (low cost, low time). I know (now) that figuring that out means that I need to figure out my market/what to sell and then look at how to market myself.

If you still think you want to be an independent agent and work from home good luck. You have a long bumpy road in front of you.

I know it's going to be challenging. That's why I was looking for some tips from those who have done it. I realize that I need to focus. For almost 7 years I've worked for an office that has NO FOCUS and does a little of everything. And now one of my bosses is considering going into p&c. It's crazy. I don't know how he can do that when he hasn't figured out how to handle everything else. And guess what, he's looking at me to handle it!! That's why I have to remove myself from the office and FOCUS on me (that's my business, my production, etc).

There is a chance that I'll end up at a captive agency. I interviewed at a State Farm office Friday on my lunch break and the agent's looking for a life account rep. Because of his system and how things are done, going to that office would be like going on a little vacation from chaos. I'd have clear production goals, leads from the existing book, etc.
But, I could take the same system and figure out how to apply it to my current situation.

So, yes, I'm at a crossroads and I'd like to figure out which way to go by September.

 

[DM77]

you got hit the bricks, creative marketing, small ads in local newspapers/fliers, mailings, design your own tri-fold like I did. Give seminars at your library, church group, whatever.
Design your own PP presentation, clear binders to hand-out. Get some stationary and evelopes.

I've spent $$$ on newspaper ads. We've been doing seminars. I already have the stationery as I'm not planning on leaving my B/D. I'm working on the tri-fold.
I'm in Kalispell and I don't know what it is about this area but stuff that works EVERYWHERE else doesn't work well here. I hear it from other reps/agents as well. We do radio ads, we've done seminars, mailings, newspaper ads....when we pulled our ad from the newspaper a few years ago (we had the stock market page) NOBODY noticed except the business that wanted our spot. We thought we'd at least have some clients say "hey, what happened to your ad" Nope. I recently did an ad for a 3yr SPDA--5%...nothing. With the market and everything you'd think we'd get at least 1 call. Nope. So I don't know. Of course that ad required so much freakin' disclosure. I asked the company if they're going to pay for the extra ad space I'm going to need for all of their stupid disclosure and they laughed.

What do you mean by 'creative marketing'? What you've listed include what I'm already doing. However, I haven't done door knocking because I'm chained to my desk 8hrs+/day making sure my bosses are taken care of. I've seen the door hanger thread...that might be something I could do. My creative juices are pretty tapped out because of all the things I'm in charge of at my office. I'm in charge of marketing--kinda--my bosses come up with an idea, I try to fine tune it, I create the marketing pieces that go with it...and I put everything in motion. At times I'm in charge of coming up with the idea. Well, I'm burnt out. I'm hoping that by shaking things up and putting my foot down saying that I'm working from home 10 hrs/week might give me the change/motivation/energy/etc I need to avoid burn out completely.

Good Luck to you my dear. How ironic you're in Montana. I've been looking at property in Billings myself. I can't live in Pa forever. I love the open country (and my guns)

I'm waaaaay across the state by Glacier National Park. It takes a whole day to drive to Billings...yes, even when going 75 mph.

 

[Crazy Rick]

Right, yeah, that's what I was talking about. Creative marketing. Yeah, design that tri-fold for now too. Since you already have experience in marketing for the slave- drivers, you know what works and what won't: that's good, I don't have that experience, nor a book. My experience is in advertising and being a CSR for 10 years.

You WILL burn yourself out working for those freaks, believe me, I've been there like I've said. So, good, try out the captive and if it's too narrow, go out on your own like I did.

Look, you got the experience, the licenses, the know-how, the book, creative marketing juices flowing, the VAs GAs, FMOs, go for it. I'm not being a wiseguy or anything, but just do it: Stop researching it to death and go for it. You won't know if something will work unless you do it and working with those a-holes ain't gonna cut it. I was the SAME way two weeks ago, I held on and held on and saved my money pretending things would get better, meanwhile I've had my licenses for two years! Fuggettabbouttit as some of us Italians say. Go for the captive, if it doesn't work for whatever reason, understand why you're not happy and then go out on your own.

 

[somarco]

If you want a job, you have two choices.

You can work for the government or you can work for a rich person.

But if you want a business . . .

 

[Invain15]

Then work for yourself.

 

[Reuben]

Let me through something here, as a change of track.

Advertisements.

Some have made the suggestion of putting advertisements in local/free newspapers, to get business leads.

What wording would be used; is there a generic advert. that would work better than others?

 

[Crazy Rick]

Aaah, generic, probably. I mean you have to mention what product you're showing and understand your market and demographics. Not too generic. I'm sure there are many generic ads you can find on Google/"We're going to show the Government your searches and violate your 4th Amendement Rights", but that's up to you.

I personally like to scare the readers into calling, nothing illegal about it. As long as you don't have obscene pictures and swear words.