Fin. Advisor - How to best capitalize on my commercial P&C leads

Jun 15, 2018

  1. IamChange
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    IamChange New Member

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    The reason for this post is to get the perspective of the agents here on what I should do with this opportunity I have.

    I'm a newer life agent and financial advisor with a lot of independence for doing outside business - my friend is in commercial real estate and is involved in new leases for commercial properties. A liability policy is often a condition of the lease and about half of his clients ask for a recommendation for who to use for this service. The typical client is white collar services located in a downtown high-rise. My friend wants to help me out as these would be great leads for my financial advising book (setting up a 401k, group benefits, executive benefits, etc), however I'm not P&C licensed.

    The way I see it, I've got at least two options:

    1) I have an ok relationship with a commercial p&c guy. I could refer him the business directly with the understanding that he would only service them for p&c and he would recommend back to me to those clients for 401k and other financial business. The problem with this is I'm not introduced to the prospect until later, if at all.

    2) I could get licensed for p&c and try to convince my commercial p&c guy to bring me on part time. I would manage the relationships for these referrals and probably do the fact finder - the back office and this other agent would probably handle the rest for a solid cut of the business. In this case I'd be front and center with the client and could suggest additional service. The downside is that I'd have to get p&c licensed - my life is complicated enough as it is.

    3) I could try to get the p&c guy to allow me to attend his fact finding meetings for people who are referred to him by my friend. I would be in the room as a financial advisor and would have a short window to pitch my offering, otherwise I'd stay quiet and out of the way. Not sure if this is feasible/reasonable/legal.

    Any comments on these scenarios from the perspective of guys on the P&C side would be much appreciated. Thanks!
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'm not P&C licensed... but this doesn't look good, unless you can coach people on how to "bring you in" and truly refer you. Just because they may 'fit your profile' doesn't mean that these other professionals will know how to talk you up and properly refer you.

    Also, as a newer advisor, I'd consider this "tomorrow prospecting" as this will really take some time before it's cranking some business out.

    That being said, I'd recommend buying Hank Frazee's book "Referral Upgrade". I think what Hank talks about in his book would be right up your alley for what you're trying to accomplish with strategic referral partners. I have and read the book and it's definitely geared towards that strategic alliance mentality - it's not my personal favorite, but if I were to go down that path, this is the path I'd take. For the $10 for the book, I think it would be worth reading and getting ideas on how to make your relationships work.



    Referral Upgrade
     
    DHK, Jun 15, 2018
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  3. IamChange
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    IamChange New Member

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    Thanks DHK - I will look into this.

    This P&C thing would only be part of my prospecting & marketing scheme, but it could turn out to be an important way to get in front of growing small businesses.
     
  4. EugeneM
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    EugeneM Guru

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    Get licensed, its not rocket science.

    Your friend is valuable - I would capitalize on that. The GL referal will potentially put you in front of prospects for different products like life, etc.
     
    EugeneM, Jun 19, 2018
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