Friends don't let friends be their Insurance Agent....

[Frank Stastny]

Doc and Chumps, excellent advice from both of you.

I had a friend call me last week asking about insurance for him and his wife. These are real friends.

I gave them advice and the name and number of an agent to call.

They called back later in the day and said they would like me to be their agent.

We have been the best of friends for a very long time.

Usually I would prefer not to do business with real friends. It is said that if one has 5 real friends in a life time that they should consider themselves very lucky.

 

[saieddie]

Different strokes. I bought my house from a friend. I use another friend for mortgages and loans. My father manages my portfolio. I buy my cars from yet other friends.

I feel like, if you're not confident enough in your abilities to be your friends and families agent, you're not confident enough to be in the business.

Waiting til you have some experience in the business is good advice for new agents though.

 

[Winter_123]

In general? NO and NO. That is the best way to lose a friend.

Give advice but do not try to sell or hire a friend.

Yeh, I avoided it but even so you end out doing some business with friends because you think that you are on the right wave length with them because they approached you. Then you need them to complete some part of the process such as signing off on the transfer of funds or completing a paramed and you find out that they are just a do-do like lots of your other clients and it is not worth the aggravation.

Also, I think that there is a difference between working with them (assuming that one does at all) on simple products versus complex ones.
If a friend wants some term insurance and you play with the software over coffee and you are truly showing them the best rates or if they are asking what the best med supp rates are and you explain it to them then maybe it is not all that bad as long as you do not get invested emotionally in whether they do it or do not do it.

However, if you start showing them mutual funds or variable annuities, or some UL policy that requires them to diligently fund it year after year or else it blows up then I would stay the heck out of that stuff.

Basically I would avoid doing business with friends except there are some people who are really just friendly acquaintances and maybe that is just called networking because your personal life is not in the middle of it if you have to write them off.

Project 100. What a worthless frigging nightmare.

Winter

 

[CHUMPS FROM OXFORD]

Funny story about my Project 100 (back in 1980). I was new to the area, having just graduated college. I didn't have 100 friends or acquaintances. Heck, I didn't even know 100 people.

So for my last 60 or so...I just used baseball players and made up their addresses.

Keith Hernandez, Omar Moreno, Bruce Sutter, Sparky Lyle, Larry Bowa etc...Nobody noticed.

 

[policy doctor]

HAHA....was that at Mother Met?

 

[James]

Okay, so let me ask, do you allow clients to become friends?

 

[Frank Stastny]

Okay, so let me ask, do you allow clients to become friends?

Yes, definitely. I consider and treat all my clients as friends. I have helped many of them with other things besides insurance. They in turn have helped me with things also.

If they own a business I try to make a special point of using their services.

 

[bluemarlin08]

Okay, so let me ask, do you allow clients to become friends?


Absolutely, matter of fact many of best friends were clients first. In addition, one of my largest cases was a result of taking a client dove hunting and getting to know him socially. I now routinely invite prospects fishing and hunting, very profitable.. I am currently in the process of leasing a duck hunting spot specifically to be used as a way to prospect new clients with a free hunt.

 

[Crabcake Johnny]

If you want to sell to your friends and family:

*You'd better be an absolute expert in your line of business and know for a fact that you're giving them the absolute best product for their situation. You cannot do that when you're new. Don't make your family and friends your guinea pig clients. If I got into the senior market would I make a bee line to my parents? Not on your life - until I was an expert.

*Do not solicit your friends or family. Nothing is more awkward then to get pitched by a family member. Let them come to you. I have my sister and brother as clients - both of them approached me once I knew what I was doing. My sister didn't pitch me about designing a website - I called her. My brother doesn't call me pitching his legal services. When I needed a will I called him.

 

[saieddie]

Funny story about my Project 100 (back in 1980). I was new to the area, having just graduated college. I didn't have 100 friends or acquaintances. Heck, I didn't even know 100 people.

So for my last 60 or so...I just used baseball players and made up their addresses.

Keith Hernandez, Omar Moreno, Bruce Sutter, Sparky Lyle, Larry Bowa etc...Nobody noticed.

I did the same thing, except with names out of the phone book. My dad was in the business for 30 years at the time, all my relatives were already clients.