How is the Los Angeles/ Southern California Market?

[NewCat]

Hi, I'm thinking about starting insurance sales in Los Angeles County. Specifically, a company that I have a connection to is New York Life. Most of the places that I have worked have had some element of sales and goals in sales but pay not so great or just okay. So I want to leave those for something that I can build real wealth on. I understand that this is commission only and I will have another part time job that will allow me to pursue this.

I will be able to withstand not getting paid for a few months while I train, cold call, and build a book of business. I'm confident that I can sell to people who could benefit from insurance products. My greatest concern is lead generation. I'm not afraid of cold calling BUT I don't want to be "that person" who sales non-stop to everyone and anyone all day to their annoyance. I also don't want to work for a company that just wants to leech from my personal contacts. When I was younger and not in the sales frame of mind, I got involved in Primerica and did not like their training. I felt the only thing they had to teach me about lead generation was giving my trainer my ten closest contacts and then for me to bother people at Target while I stand in line. I don't mind promoting because I have done that for brands and companies on okay pay, but am looking to build wealth TACTFULLY.

I don't mind it being slow to pay off as the point of residuals seem to be a snowball effect as opposed to get hired right away and make 100 grand.

Also, flexibility is huge for me because I want to be able to do this while pursuing other things; I know that clients come first though. My other pursuits are artistic but include salesmanship to make it work which is another reason why I want to excel in sales starting in insurance as I see life and career not as a race but a marathon and a way to build; insurance sales seems to teach lessons I can use when I get in other doors to pitch my artistic work. Needless to say, I'm no stranger to rejection, I just want to make sure those 10- 15% yes's are financially impactful enough to make a good living to live in this town.

I'm curious of experiences for agents in Los Angeles or southern california. Any tips or warnings about companies and clientele. Also, how did you learn to build an effective book of business? Thanks.

 

[moonlightandmargaritas]

You're not going to "build a book" by cold calling for New York Life-type action.

I would focus first on being able to build some "paragraphs". C'mon man.

 

[NewCat]

You're not going to "build a book" by cold calling for New York Life-type action.

I would focus first on being able to build some "paragraphs". C'mon man.

There. Paragraphs. Now do you have anything that's helpful to add to this thread? I am someone who has been presented an opportunity in this field and I have not sold insurance before so please enlighten me on how a new agent builds a book of business/ gets clients without harassing friends and family if you can. Thank you.

 

[GreenSky]

If you're being hired by NY Life I would expect they could answer the "how-to" questions. But they will require you to harass your friends and family.

Rick

 

[moonlightandmargaritas]

There. Paragraphs.

Awesome, much easier to read.

Now do you have anything that's helpful to add to this thread?

I already did, but you don't realize it. Told you that you're not going to build a book of business of New York Life-type biz by cold calling. You can take that to the bank!

I am someone who has been presented an opportunity in this field and I have not sold insurance before so please enlighten me on how a new agent builds a book of business/ gets clients without harassing friends and family if you can.

The biggest problem is your attitude.

NYL (or Guardian, NWM, etc.)-type business is done by way of introduction and referral. Unless you have an existing, good sized list of semi-affluent people you can call on to introduce you to potential prospects on a favorable basis...you might as well go back to Primerica!

If you consider introducing folks to valuable financial products (whole life insurance is the most amazing financial product ever created), to be, as you call it, "harassing", you haven't got a prayer.

 

[NewCat]

Green Sky, I haven't actually done the formal interview yet but I like to dig up as much as possible before I meet with anyone. I don't have affluent friends and family in fact most of mine are cheap, non-risk takers who won't believe in anything or anyone unless already very successful. To them, they would consider constant questions about their financial situation as harassment unless I can say I already have helped other people. Even then they would probably use the appointment to try to discourage my ambitions. I know my family members.I am much more comfortable and successful selling to strangers.

I don't think I have an attitude problem moonlightandmargaritas I know there's a tactful way to approach people and a way that is harassment. People should never feel obligated to listen to a pitch, they should feel interested. The next time they see you they should light up not cringe and think, "this gal's gonna try to sell me..." That's how I felt Primerica was on top of the fact that i couldn't even use my own 10 closest contacts for my own sales which didn't seem right.

And furthermore, telling me what's not going to work along with unnecessary asides such as "you can take that to the bank" (no I can't) are not actionable and therefore unhelpful. Saying that I could only do well in NYL type of business if I have affluent contacts is somewhat enlightening but not nearly as much as mentioning the difference between this "type of business" and another type that is better for non-affluent connected newbies who need training that includes a lead generation/ prospecting system.

 

[KidsGotHeart]

Cat, he really is helping you. Is there any particular reason why you want to work for NYL?

 

[NewCat]

Kidsgotheart, I acknowledged that his statement was somewhat helpful.NYL is a top reputable company which I know would help people really consider products. I have connection to a trainer at one of the offices. I'm not only interested in New York Life. If you know of a company that would be better for non-affluently connected newbies, I would love to hear more about that. I can't do much with stylized bits and pieces of what NOT to do though. If there are better companies for my situation, can you please point some out?

 

[VolAgent]

Kidsgotheart, I acknowledged that his statement was somewhat helpful.NYL is a top reputable company which I know would help people really consider products. I have connection to a trainer at one of the offices. I'm not only interested in New York Life. If you know of a company that would be better for non-affluently connected newbies, I would love to hear more about that. I can't do much with stylized bits and pieces of what NOT to do though. If there are better companies for my situation, can you please point some out?

If you know the trainer, then why not ask him? You don't have to be connected to succeed at NYL, but it definitely helps.

Ask him to introduce you to people at the agency who had no connections when they started. Find out what their methods are. And if there isn't anyone, well there is your answer.

 

[Norwayguy]

If you're being hired by NY Life I would expect they could answer the "how-to" questions. But they will require you to harass your friends and family.

Rick

What used to be a project 100 turned into a Project 200 and might even be a 300 now. Having said that you can turn in the Project whatever and then start going business to business .