How Do You Feel About Hiring a Coach?

[BigMoses777]

After reading a large amount of these threads I am wondering what the general feeling is about hiring a coach to help you build your practice. I understand that the cost can sometimes be prohibitive, but what is the general feel about coaches and the programs that are out there. I want to be upfront and honest, I am a coach in this industry and I'm looking for some feedback. One of the toughest things for advisors and agents to overcome is the "stereotype" of being equated to a used car salesman. I wonder if there are any stereotypes about coaches and coaching programs. All opinions are welcome, you won't hurt my feelings.

 

[oldinsuranceguy]

I think that there's some value in having a coach (or consultant) help an inexperienced agent build a practice, or even help an experienced agent sell new products (like P&C agent who wants to start selling life or health).

The biggest drawback is as mentioned above, the cost. A new agent typically doesn't have a lot of money. An experienced agent wanting to enter a new line might be more receptive to having a coach.

The second issue is regarding the experience and reputation of the coach. Am I hiring someone competent who knows what he's doing and who will add value to my business?

Finally, is this coach running his own agency? Will he be my competitor? If he's not running his own agency, then why not?

Anyway, just my thoughts.

 

[DivineFoodie]

I think that coaches can be invaluable; however, as oldinsuranceguy stated, those who oftentimes need it the most, may not be able to necessarily afford it when they are just starting out.

When I was in college, my ex-fiancé played football, and he had a private coach. They worked it out in such a way that he paid him a nominal amount, but it was agreed/contracted, that should he a. do well in the combines, and b. subsequently get drafted into the NFL/CFL, then he would obtain a certain % or dollar amount contingent on variables. So, there is always more than one way to work things out so that it's a "win-win" for both parties, but each has to be amendable to working together and accepting whatever terms are agreed upon.

A lot of people don't see the value in coaches and/or consultants because they've never had one, but one thing I think is good about coaches and/or consultants is that they aren't your family or friends, and they can provide a different insight that your family and friends can not provide. And, hopefully they are knowledgeable in that field. They make you think outside of the box, as well as bringing things to your attention that you may not have ever even thought about...just my .02.
By the way, I am looking into getting a coach/mentor too, and while it is WAY out of my price range right now, I'm going to do whatever I can to make it work and get together with this person who was in the business for a long time, but also knows a lot of individuals he can make my introduction too...and then it will be up to me, to sell myself.

 

[BigMoses777]

You both make very good points and I agree with one of the first statements. Those who really need it are just starting out and probably can't afford it. This has bothered me since I began coaching and our company has been helping agencies change some of their thought processes on how to help/mentor the "younger" agents. We often work with a primary agent or producer while also having another coach work with the junior agent/advisor. There is a bit if a cost outlay but the ROI can be staggering considering the turnover rate for 18 months is around 85%. Cut that number way down and see what kind of money you are saving! Client retention alone is worth it. I hope you find what you are looking for in a coach and that they help you become the best YOU you can be. I know that sounds a bit cheesy but there are too many coaching programs that try to make cookie cutter clients and that just doesn't work. - as for cost, depending on the level you need you should see value or an ROI very quickly. And as for the question by oldinsuranceguy of "is he competition, is he running his own agency, and if not why not" ask yourself this question: why do I work in this industry? Am I passionate about what I do? As a coach I have absolutely no desire to sell insurance or be a financial advisor. I am driven by helping people succeed in their business and personal life. That is my passion and I have done it for YEARS. I have helped make clients millions of dollars while not even hitting 6 figures myself. If I wanted to get into the finance world or insurance side I could in a heartbeat but then my passion would be gone and so would my joy and peace. Some coaches get paid by a percentage of "new money" brought in, we don't. We believe in charging a fair amount for our services and if you choose to follow what we work on together, work hard and make an extra 150,000 next year, that is due to your hard work not mine. You just implemented things we discussed. Anyway, thanks for the input and sorry for the delayed response. I have been traveling a bit and have not gotten on this forum for quite some time. Happy holidays to you both and have a GREAT new year!

 

[AZDave]

Really. Two months later you decide to reply?

I am relatively new to this forum, but I have a feeling most of these veterans around here do not appreciate your 'jumping' in to sell your wares.

Just my opinion.

 

[BigMoses777]

Your opinion is quite valid. I spend more time reading threads than commenting and being that I posed this question when I first joined a few months ago and have only been on a few times since then I was unaware that I had any response to my question. I am on my iPhone and apparently it does not show up that there was a response so that is my fault for not "checking up" on it. As for "selling my wares" good information is good information. If you feel that this is a sales pitch then feel free to ignore it. I believe a consumer needs to have an personal insurance agent because they bring more to the table than the consumer reading about insurance in the library. Same thing goes for an agent having a coach that can help them with everything from marketing, client retention, referral ask systems, etc. You hire a professional because you want the best to help you with your future. Whether that is a financial advisor, an insurance agent, or a coach. My clients understand this, I hope you do to.

 

[midwestbroker]

Depending on the business you are writing, a FMO should be like a coach. Maybe not the detailed guidance that you would get from hiring a personal one, but there should be some guidance from the FMO (should you have one). After all, if you write zero business, the FMO gets paid zero, so there is some incentive for them to help you.

The challenge here is that in some cases, the highest maintenance agents are the ones who produce very little. A lot of FMO's have backed away from training (other than product training) due to the time and resources being used for sometimes very little ROI.

There are of course numerous associations for all lines of insurance, some free some paid that can help.

However, I suggest finding someone near you to team up with and work together. Sure, they are your competition, but in most markets there is enough business to go around.

 

[BigMoses777]

Depending on the business you are writing, a FMO should be like a coach. - I agree 100% - This is the best way to grow in a specific area of the country because region makes a huge difference in approach and someone in the trenches knows how to traverse them.

Maybe not the detailed guidance that you would get from hiring a personal one, but there should be some guidance from the FMO (should you have one). After all, if you write zero business, the FMO gets paid zero, so there is some incentive for them to help you. - If they are successful and willing to put in the time to mentor and train it is great, but many times an outside party to bring in fresh ideas id the way to go.

The challenge here is that in some cases, the highest maintenance agents are the ones who produce very little. A lot of FMO's have backed away from training (other than product training) due to the time and resources being used for sometimes very little ROI.

There are of course numerous associations for all lines of insurance, some free some paid that can help. - This is always a good idea whether you have a coach, mentor, or partner. - Great suggestion.

However, I suggest finding someone near you to team up with and work together. Sure, they are your competition, but in most markets there is enough business to go around.

- As long as it is mutually beneficial and something is drawn up to protect both parties this is another good idea.

 

[nylife11023]

What does a coach actually do for their client? I understand the goals, but not the methodologies.

 

[moonlightandmargaritas]

My clients understand this, I hope you do to.

You could stand a little coaching yourself...on using paragraphs!