Has anyone heard of EFinancial?

to all interested in Efinancial and or ALISS, I am a writing agency manager with them. I have only been writing in my PJ's out of my house since 1/11/2008

I have done very well, made over $100K last year and spent $25 to do it, this year I have already made $75K and we just made it past the 1/2 way point

this business is very simple and I would be happy to teach anyone how to do it.



email me @ [email protected]

PJ,

Do you just buy their leads? I'll email you later, thanks!
 
Allen,
Thanks for feedback. As long as it can be done, that is all I care about. I would like to have a team. It worked very well for me in the mortgage biz and this program also seems like it would be perfect for the team concept. If I could get a couple salesman under me, I could pay for their leads, Aliss, E&O, etc and pay them around 50% for example. I could put the profit back into leads and other expenses, and hopefully profit a bit for the added risk. I have two licensed friends that probably consider it.

Do you have the foggiest idea how much an experienced agent could place off of 4k worth of leads in a month?

Personally I'll never buy leads for an agent again. I've had agents in the past who whine and cry about needing free leads. So I bought some leads and gave them to my agents including some that were friends. One of the agents I gave the leads to kept complaining how the leads sucked and blah blah blah. So finally I got pissed off and called the leads myself that I gave this agent for free. I made over 3k in commissions for the week off his leads. What I found out was he didn't call them all. He only wanted to cherry pick which to call. After all he had no investment in the leads, I did. Then he over complicated it. They were mortgage insurance leads and he tried to do a full blown financial planning presentation and was printing out reams of paper for term life etc. So he never did close those. I could give you many examples of why I'll never buy agents free leads. But it comes down to this. They need to be serious about being in the game and the only way to be serious is put your money up. If you take on that burden the agents will waste your money or in come cases place it with an outside carrier that they have a higher commission level with. So my whole attitude on it is screw it, friends or not. If you want leads you buy your own. If you can't hack it go somewhere else and waste their time.

As to your last question of how much business an experienced agent can place with 4k of leads. Well 4k of their leads will buy you 200 exclusive leads. As an experienced agent you should already know your closing ratios. As we all know it varies greatly from week to week. I've had weeks with zero closes and other weeks with 80-90% closes. But over the long run I'd say with these leads most you won't be able to contact by phone. They just won't answer or give bogus info. By email you can contact them but again most won't return your calls. While any number I throw out here is worthless and subjective let's assume you can close 20% of the leads. Then out of that you'll only place about 75%. Some will change their mind, not qualify etc. So 200 leads at 20% is 40 sales. Say 30 go through. Now it varies on premium amount. If it's a young one you may only get $12-$20 a month premium. Older can be $80 to $100 a month or more. Then you need to factor in med and non med. Med cases can take 2 to 3 months to get issued and paid. Non med are issued and paid within 2 weeks. Advances are an issues too. Some companies pay as earned, some 50% advance and others 75% advance. So I'd watch the cash flow. If you're writing mostly non med you're cash flow should be good in a month or two. If it's mostly med you'll probably have 3 months before you start to see money come in.
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Salem - is the ALISS follow-up done well, or kind of half-assed in some cases? It would seem like on more complicated cases involving trusts, business insurance, etc. that having someone else fill everything out to be signed would end up with mistakes left and right.

Are you talking about the ALISS system itself for follow up or the real live assistant you have at Efinancial if you chose the virtual agent route with less commission? I'll try to answer here:

First ALISS is a web based system. So it automatically tells me what I need to do that day. Who I need to call, who I need to check if policies have been issued etc. So as long as I disposition it all the right way and don't make a mistake it's 100% dead on. Now as far as the autoresponder in ALISS it's lacking. It only sends out one email to the prospect initially. It used to just do one each time when they become a client etc. Now they just upgraded from 1 email to 3. This is where ALISS is lacking though. I bought Vicki Gunvalson's book that was written by Dayne Vickers. As I get more and more into working the system the book is more and more valuable. In the book they talk openly about what's lacking in ALISS. Again in my opinion ALISS is great and does about 85% of what you need it to do. But they recommend in the book to buy an outside autoresponder and they even include the pre-written email messages to plug into in to the autoresponder for you. It's broken down into Prospects not yet contacted, prospects contacted, clients, etc. It's really good stuff. Ok so that covers the ALISS computer side of the follow up.

Now on the human side. My assistant at Efinancial is great. I don't know how many agents she handles and I'm sure most of the stuff is automated but it's handled well. If I submit an application they mail it in a nice package all marked up on where to sign and a return postage paid envelope to Efinancial. It's quick and flawless on that end. They also track underwriting and other issues. They're great at this. Keep in mind though, they are there to help you issue the life insurance policy and that's it. If you get into advanced cases they're not going to contact lawyers and set up estate plans and all that stuff for you. They are there to issue what ever life policy you applied for. They do it great but that's all you can expect them to do. There is an option in the system to click on VIP for any client that you want to do the follow up on. In those advanced cases I'd recommend that option.

There is also the wholesale agent that pays a little higher commission but you have to do all the application mailing and that stuff yourself. You will still have a case manager that will track underwriting but it's mostly up to you to follow up on all of that. I picked the Virtual Agent option and let them handle it all. It's about a 10% commission cut for that option on all the medical apps policies. On the non med there is no commission cut but you're responsible for follow up on that. But on a non med there really isn't much follow up.
 
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Thanks Allen. I really appreciate your time. I'm thinking from what you have said, that if you wanted to average 8k profit a month you would have to buy around 4k in leads per month. I appreciate what your are saying about buying leads for other agents. My thought is, if they were serious about working, and realized their only income came from closing a lead, that they would work them pretty hard. But I get what you are saying.

Hey if Vicki can do it, I can do it. She has many working for her. :)

Did you go through Coto or Efin directly?
 
Thanks Allen. I really appreciate your time. I'm thinking from what you have said, that if you wanted to average 8k profit a month you would have to buy around 4k in leads per month. I appreciate what your are saying about buying leads for other agents. My thought is, if they were serious about working, and realized their only income came from closing a lead, that they would work them pretty hard. But I get what you are saying.

Hey if Vicki can do it, I can do it. She has many working for her. :)

Did you go through Coto or Efin directly?
It's all the same. There really is no Efinancial direct. They will put you under Coto, unless you're going with another organization that uses ALISS. Coto does have a good conference call once week though hosted by Barry Molloy. Basically just finding out what's working and what's not for everyone.
 
It's all the same. There really is no Efinancial direct. They will put you under Coto, unless you're going with another organization that uses ALISS. Coto does have a good conference call once week though hosted by Barry Molloy. Basically just finding out what's working and what's not for everyone.

Interesting... So you are saying you have to set up the Virtual Agent through Coto? That is news to me.

Sam from Goldsmith IA can you confirm this?
 
Gotcha... Wholesale goes through Efi, VA goes through Coto/Efi?

I'm not sure of that. I know Coto has both Wholesale and Virtual Agents. I think they are placing everyone under Coto. I could be wrong. But I called in the main Efinancial line and also talked to Coto. The guy at Efinancial told me it's one and the same and that Vicki is actually one of his agents. I know Coto/Vicki is under Efinancial, Barry Molloy is under Coto. Those are the two they show on on the Efinancial webiste. Vicki is the name recognition and Barry is the training guy. But I know some are not under Coto, because the one call is only open for Coto reps.
 
Allen, Your website looks awesome. Does it draw in any business?
I'm talking with someone that has done the virtual agent through efinancial for 4 years this weekend. If you have any questions you want me to ask just let me know.
 
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