Guidance for New Life Agents

[esr]

Hi,

I am a new Stockbroker in NYC and I'm looking to acquire additional qualifications and products to better develop a clients portfolio. Life insurance is a natural fit and I would like to learn more about acquiring selling agreements. I will get licensed in my state to sell. It's more of like, now that I have a license and a book of clients, who would it make sense to partner with?


tyia!

 

[DHK]

If you have a series 7, then there is only one way to answer your question:

Ask your broker/dealer.

 

[Tahoe Ray]

Hi,

I am a new Stockbroker in NYC and I'm looking to acquire additional qualifications and products to better develop a clients portfolio. Life insurance is a natural fit and I would like to learn more about acquiring selling agreements. I will get licensed in my state to sell. It's more of like, now that I have a license and a book of clients, who would it make sense to partner with?

tyia!

What broker/dealer are you with?

 

[DHK]

ProducersWeb - My Practice - What does simple really mean?

This article by Steve Lewit is GREAT!

In short, if you're having trouble getting the results you want...
- Converting calls (cold or referrals) into appointments
- Converting appointments into open cases
- Converting open cases into closed sales
- Converting new clients into referral advocates

... then you need to re-examine your processes and communication skills.

I often sound like a broken record with my continual endorsement of the Insurance Pro Shop... but I have to tell you... they have MASTERED the simple sale. I am thoroughly convinced that you cannot have a simpler communication method. Their training fits the criteria in Steve's article PRECISELY.

How to get started:
1. Start with the member's only site for $25/month. Watch the online training videos and learn how to give mini-concept presentations. You'll also have access to download a CFNA fact-finding form.

IPS Insurance Marketing and Sales Resource Center

2. If you want the software (excel templates) for designing your cases, you'll want one of their selling systems. Just call Lew and Jeremy and tell them about your situation. They'll guide you accordingly. They'll also give you 3 months of one-on-one coaching for buying their system.

3. If you want to learn and master client referrals... you can't get better or cheaper than Sandy Schussel's Mastering Client Referrals. (The Insurance Pro Shop also sells this, but you can download it from Sandy's site cheaper and immediately for $37.)

http://sandyschussel.com/products/


Now, here's the kicker: Lew's training materials are FAR CHEAPER and they are BETTER! With other "selling systems", you rent them. You pay up to $2,500/year to use them. They're overly complex... which means you have to reserve your use to only the "highest qualified"... who also happens to have others competing for their business too. They also have a STEEP learning curve, so they advocate using joint work (splitting commissions) or a mentoring program to help you get up to speed.

IPS training methods aren't nearly so complex... and with simplicity, and a quicker "turn around" time on your cases, you can work with nearly ANYONE and have a profitable sale and career.


I promise I'm not affiliated with IPS... just a huge advocate for them because they teach the simple way of reaching your success goals.

Trusted Advisor Success Training - Insurance Pro Shop

----------

Oh, and all these articles that say that advisors aren't connecting with women clients with their needs? That's because advisors keep talking "in code" trying to sound smart and trusted because they know all this "stuff".

Learn how to keep everything simple... and you'll just laugh at these articles, because you'll KNOW they aren't talking about you.

----------

Now I recommend the Insurance Pro Shop for life insurance and annuity sales, helping families and retirees.

There's still another market segment to address: business owners.

Currently, they are not my target market. Others ARE working with business owners and finding success.

If and when I decide to expand into helping business owners, SOME of the IPS materials will be helpful. However, I want to be sure that I can help a business owner with ALL their business needs.

When that time comes for me, I will be attending the IARFC Business Owner Consulting Workshop. It's a one-day workshop at a reasonable price ($395 currently + hotel, airfare, car rental, etc.) Why so low? That's the job of the association - to make quality training, branding, and marketing strategies available to their members.

It's not a designation course to qualify to hold the RFC designation, but it's very valuable training. And no, you don't have to be an RFC or be a member of the IARFC to attend the training.

IARFC Business Owner Consulting Workshop

For an overview of what this training will cover, watch:
Ed Morrow on the RME Cruise:

 

[DHK]

One major characteristic I know of for the top professionals I know (not necessarily the top sales producers, but the top professionals)... is that they have an extensive local network of various professionals.

I heard Rod Hagenbuch speak at a NAIFA Young Advisor Team meeting a few years ago, and this was much of what he spoke about. He also gave out free copies of his book "Becoming a Life Advisor". (His focus was primarily for those in securities and investment management... but it fits for all manner of advisors.)

100 Referrals

100 Referals
Helping clients beyond the scope of your firm's or organization's specific services or products is a major part of Becoming A Life Advisor. The key to this process is to develop “trusted” relationships with clients, having the skills to properly profile them to know their needs beyond your specialties of services or product.

Because of deep client relationships as well as referrals from clients you have helped, clients will often call for information, help, and referrals. It is important to be prepared when they need your help.

Much of the expertise they are likely to be in need of may already exist with your current clients, but unless you have had the proper conversation, you will not be prepared and confident that the referral is appropriate or welcome. Making referrals is something that professionals servicing clients often do, but seldom do they do it on a pointed and thoughtful basis.

To become a Life Advisor requires building a network list of referral sources. Building the list requires prioritizing what your clients are most likely to need. These needs will most likely be different for Advisors such as legal attorneys, doctors, financial advisors, builders or social workers. Each person must customize their list of referrals to the people they have influence with and their specific client’s needs.

We have provided a list of 100 referrals as a starting place for building a referral list. We suggest starting with the likely needs of your clients and your existing relationships — have a conversation with these existing relationships — i.e. when your client needs specific help, you would like to have permission to be able to refer them. This is a conversation, not a question.

Our experience is that this is a very important activity, in addition to your profession. Therefore, building this referral list will take time. Professionals that have focused on this activity have normally been able to add one referral a month, so it takes time to do it right.

Below is a starter-list for your consideration:
*
• Accounting
• Acupuncture
• Adoption Services
• Air Ambulance Service
• Air Courier Service
• Alzheimer's Care Services
• Animal Training
• Antique Carpet Repair and Cleaning
• Appraisers
• Business
• Fine Arts and Jewelry
• Real Estate
• Architects
• Art Dealers
• Artist Agents
• Assisted Living & Long-Term Care
• Attorneys
• Bankruptcy
• Business
• Defense
○ DUI
○ Criminal
○ Juvenile
• Divorce
• Liability
• Immigration & Naturalization
• Malpractice
• Personal Injury
• Probate and Estate
• Real Estate
○ Residential
○ Commercial
○ Title Insurance
• Tax
• Audio-Visual Consultant
• Automotive
• Dealers
• Leasing
• Repair
• Bail Bonding
• Blood Services
• Building
• Contractor
• Engineer
• Government Liaison
• Inspectors
• Maintenance
• Mold Inspection and Removal
• Restoration and Preservation
• Historical Preservation
• Business Broker
• Corporate - Gifts
• Cartier
• Computer and Communication
• Programming
• Data Recovery
• Installation
• Training
• Security
• Web-Design
• Counseling services
• Adult Psychology
• Child Psychology
• Personal and Family
• Debt
• Divorce
• Domestic Violence
• Eating Disorders
• Substance Abuse and Addiction
• Divorce
• Suicide Prevention
• Weight Control
• Courier Service
• Day care Centers
• Child
• Adult and Senior
• Education
• College Selection & Entrance
• Private Schools
• Religious Schools
• Scholarship and Financial Aid
• Emergency Preparedness
• Employment and Temporary Services
• Executive Recruiting Consultants
• Florist
• Funeral Directors
• Funeral Plans — Pre-arranged
• Government Contract Consultant
• Home services
• Car Wash
• Cleaning Service
• Electrician
• Gardner
• Handy-Man
• Home Inspection Services
• Interior Design
• Landscape Architects
• Landscape Contractors
• Painter
• Plumber
• Window Cleaning
• Plumber
• Re-modeling
• Solar Energy Systems
• Insurance
• Life
• Health
• Casualty
• Jewelry
• Appraiser
• Gemologists
• Wholesaler
• Medical
• Acupuncture
• Chiropractic
• Cosmetic Surgery
• Cardiovascular Surgery
• Dermatology
• Dentist
• Healthcare Management
• Internal Medicine
• Neurology
• OBGYN
• Oncology
• Ophthalmology
• Optometrists
• Orthopedic Medicine
• Pediatric Medicine
• Physical Therapists
• Psychology
○ Adult
○ Child
• Psychiatrists
• Sports Medicine
• Radiology
• Urology
• Messenger Service
• Notary Public
• Party Planning
• Personal
• Hair Care
• Personal Trainer
• Clothing Designer/Tailor
• Massage Therapists
• Pet Sitting
• Public Speaking Trainer
• Ski Instruction
• Music Lessons
• Tennis Instruction
• Personal Defense
• Shopping Service
• Political Consultant
• Photography
• Property Management
• Ticket Agent
• Travel Agent
• Veterinarian
• Wedding Planner

In addition, you should know:
Presidents of local Banks
Presidents of local Universities
Council Members
Leading Guidance Counselors
Leading Merchants
District Attorneys
The Chief of Police
The Chief of the Fire Department
Leading Clergymen
Leading Private Investigators
Leading Security Companies
Leading Union Leaders

You should also know the chairpersons or executive directors of the local affiliates of major charitable and social organizations, such as:
American Red Cross
American Heart Association
American Cancer Society
Alzheimer's Foundation of America
Chamber of Commerce
Community Foundation
Environmental Groups
National Multiple Sclerosis Society
Alcoholics Anonymous
Child & Spousal Abuse Agencies
United Cerebral Palsy
United Way

Now... how do you get started?

THIS is the reason to join the local chamber of commerce. Attend local mixers... not to "sell" everyone there on your services... but to connect and determine what people do, so you can serve and refer your clients appropriately.

If you attend a church or other association on a regular basis (I'm a local scout leader and a BSA district trainer)... then this is another excellent reason to ask "What do you do?" so you can continuously build on this list. Yes, you can explain what you do... but the real reason is to build this network of referral contacts to serve your clients that much better.

Don't forget to connect via LinkedIn too!

What I would do, is collect their addresses &/or email addresses and send your monthly newsletter to them... so they don't forget you and what you do too. They may just contact you for your services in the future.

If you find that you're sending and receiving referrals with a particular partner on a regular basis... you may want to consider a joint-venture marketing campaign. This is where you market each other's services to each other's customer/client lists. Perhaps you get permission to "rent" their list... or you simply find a way to legally share revenue from your sales. Lew Nason has some strategies regarding "joint ventures" in his systems.

Obviously this is a "tomorrow prospecting" activity (versus "today prospecting" for immediate results)... but it will help you become ingrained in your community and you'll have additional resources to help your clients with their LIVES... not just their money and/or insurance needs.

 

[DHK]

The question often comes up: Which agency should I join that offers the "best" training, products, etc.

Here's the problem: agency training from life agencies is horribly inconsistent or nonexistant.

By reputation alone, I think NYL probably has the most regimented training program out there. Otherwise, it's all about your local agency and management.

There is an alternative... one that I've been talking about for a while: the Insurance Pro Shop.

For a small investment ($25/month and higher) you can get the tools, strategies, techniques... everything you need to be successful.

Think about it this way: The Insurance Pro Shop is the training and "mentor" you need and you never have to split a case with them - ever!

I would start here with their "Members Only" site for $25/month and watch the Trusted Advisor Success Training videos - especially on 5-minute presentations: IPS Insurance Marketing and Sales Resource Center

Then I would obtain one of their systems:
- Mortgage Insurance Tool Kit for newer agents who are developing their book and need a "door opener".

- Found Money Management for more experienced producers who already have a developing book of business.

- Advanced Fact-Finding Training or the member's only site will COMPLETE your package because without the fact-finding training, you'll only have HALF of a system.


This method is FAR cheaper than splitting cases with more seasoned advisors in your office, and you'll have the foundational skills you need to develop your own methods and style.

Once you have a resource for your training and methods on a regular basis, you won't need a local agency... unless you have other reasons to stay there.


The only reason I would recommend joining a career agency... is if you want to gain experience in selling securities (MF and Variable Life & Annuities) AND there's a quality investment specialist in your office from whom you can learn from.

As you build up your production history, you can eventually leave that firm and join an independent B/D... or join Ohio National and their B/D ONESCO (a forum sponsor) if you're in a PPGA state.

 

[Sherota1]

Just found this particular website doing a different kind of search. This guy takes a 'no holds barred' view of some of these positions out there. I won't say that it's all a scam. I do agree that it is unfortunate that the agent has to ask more questions about agency fees, costs, and have a better plan than the "project 200"... but there it is. An Employment Scam in the Financial Services Industry > HOME At least as an independent agent, once you have some training, you can have nearly total control of your outgoing costs, as well as a greater cash flow increase on what you do sell. If you're in a place where you're not getting what you need from management - sales, training, support,etc. - then how long do you want to work there and earn HALF of what an entry-level independent agent can earn? Always remember the career agency recruiting mantra: Hire 'em in masses, Teach 'em in classes, Sell all their family and friends... And fire their ***es. (Or rather wait for them to quit.) Rinse and repeat.

This is a post all new agents need to read before they get started. It can prevent the "If only I knew's" after years of frustration. But from experience the agent that really wants it keeps searching until he finds his way. Thanks DHK.

 

[DHK]

Some of these agencies teach you to avoid telling people that you're a life insurance agent. They confuse people. They say "I help you organize your financial junk drawer." or "I help you organize, integrate and coordinate your financial picture."

Well, that's nice, but what's in it for you? You see, it inspires suspicious motives. Don't do that. Be true to yourself and be honest with what you do and why you want to meet with people - Life insurance!

I want to address this part of my old post, because I don't necessarily follow that line of thinking anymore.

The problem I see with positioning yourself as a life insurance agent... is that you'll be pre-labeled and prejudged based on the prospect's past experience with life insurance agents in the past... and you don't know if that was a good experience or not.

Let me ask you this:
- Would you like to be compared to a Primerica agent who was poorly trained?
- Would you like to be compared to an AFLAC agent?
- How about an agent that sold an under-funded UL policy to that client and they're STILL bitter about it?

When comparing the titles "Life insurance agent" to "Financial Advisor"... based on terminology alone... who would you rather see regarding your situation? Based on terminology alone, I'd want to see a "Financial Advisor"... not a life insurance agent. Why? Because I want a review on my situation, not a policy... at least that's what I'm thinking, right?

While our products do the BEST at providing promises, protection, and guarantees... the public doesn't know that those are the benefits of working with a life insurance agent. If they did, they'd be beating a path down to your door.

As for me, I've decided to call myself a "Lifetime Wealth and Retirement Consultant". Why? Because that is how my clients will benefit by working with me. Also, it's quite safe from my state regulators. (However, I've been told that to call yourself a 'consultant' may be a state-by-state issue, so check with your own state compliance departments and rules. Calling yourself a 'consultant' may require a Series 65 and RIA registration. Another term you could use may be "Manager" instead of 'Consultant'.)

Here are two articles on this subject - one FOR calling yourself an insurance agent, and one AGAINST calling yourself an insurance agent and you can make your own decision on how you choose to position yourself in the marketplace:

For:
Here's why insurance agents are their own worst enemy | LifeHealthPro

Against:
http://www.financialsoftware.com/pracbldr/documents/WhyLifeAgentsHaveaPoorImagebyEdMorrow.pdf

In either case, create a more appropriate title or tagline for the kind of work you really do and provide for your clients. It'll help you have better and more focused conversations.

 

[WinoBlues]

I am an independent Insurance Agent. I am good with that.

 

[Sherota1]

I am an independent Insurance Agent. I am good with that.

Same here. Works for me. Still getting referrals. I think it's all in how you present yourself and based on the reputation you build. Each agent had to do what works best for them.

Thanks for sharing. DHK. You always add excellent information.