large scale replacements of your own clients-

Feb 23, 2019

  1. rousemark
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    rousemark Still Here!

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    Just remember you are the one that convinced them the policies were a good buy and took the front loaded commission for doing so. If you aren't new, then you knew what else was available at the time you wrote these policies.
     
    Last edited: Feb 26, 2019
  2. MedicareMillionair
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    MedicareMillionair Guru

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    I’ve seen this happen years ago at Midland National Life. The agent was taken to court. Midkand was granted a temporary injunction against the agent. The agent, so unhappy that he couldn’t replace his own business, drove to Sioux Falls, SD and took the president of Midland hostage at gunpoint.

    Don’t do it!
     
  3. DayTimer
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    DayTimer Guru

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    This life insurance business is something else. I sometimes look back on my time as a boiler room broker on Wall St in the 90's and think to myself how nice would it be to back in a such a respectable industry.
     
  4. SpruceBruce
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    SpruceBruce Expert

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  5. SpruceBruce
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    Don't believe I will do large scale replacement.
     
  6. rousemark
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    rousemark Still Here!

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    Wise move! :noteworthy: Down deep you questioned whether you should or not or you would not have asked about it here.. Good luck with your career going forward.. :yes:
     
  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    OR at a minimum, wait 2 years from the termination of your contract before doing a lot of it. That's a standard time frame for most non-solicit agreements AND (of course) as long as the new policy improves their situation.

    Of course, there's no reason to wait to sell ADDITIONAL coverage without replacement.
     
    DHK, Feb 24, 2019
    #47
  8. WinoBlues
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    WinoBlues Guru

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    The key words. Large scale.

    Replaces are always good or always bad.

    Where the issues with me arise is when they are brought up and are thinly justified by the agent.
     
  9. LGilmore
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    LGilmore Guru

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    One thing have you given thought about is you're considering going back to clients you wrote previously and signing them up for a cheaper premium than the first one you sold them.

    If you were my agent, I would ask you "if there was a better deal than what you sold me... Why did you sell me what you did?"

    They trusted you the first time, when you show up to tell them you sold them an expensive premium the first time, but now you have a less expensive one to offer, how do you think they'll take the news?

    I hope you think this entire thing through a couple times. over. The best thing for you if you plan to stay a long time in this business is find new clients. Then gradually go back to those you can help and make your offer. But the reality is if you're relying on old business to become new, your lifespan as an agent will be short.

    Good luck and think things through.
     
  10. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    "I sold you the best product I had... at the time. I've grown in my knowledge and I left that job do I can do the best job I can."

    However, that only works if you were captive before. If you were independent and operating under your own name... that's a harder conversation to have.
     
    DHK, Feb 24, 2019
    #50
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