Med Supp Referrals

[brookfieldpartners]

I'm new getting into this side of the business, so please don't attack.

I see everyone in this forum trying to buy leads, or set up booths. Is there some reason why people aren't approaching Accountants? Wirehouse Advisors (UBS/Morgan Stanley FAs)? Or other Financial Advisors?

Are you not allowed to solicit referrals?

Thanks!

 

[Chazm]

I'm sure you could but to make money you need to sell a lot of med supps and MAPD's in a month and I can't imagine you'll get a constant stream of referrals. Maybe a trickle, which is what I get from current clients.

 

[brookfieldpartners]

Also, I'm a GA, and have a few different banks contracted. Some of which I have a great relationship.

How would you market to bank customers if you were me? Educational Events? Sales/Marketing Events? I'm trying to uncover the opportunity here.

 

[HealthGuy]

Brookfield: To be blunt, most financial advisors and accountants are douche bags and a waste of time building a referral network with. In fact, some of them would like to write the insurance business and take it from you. What incentive do they have to refer to you or me? No incentive.

 

[brookfieldpartners]

I am an approved GA in a couple of the wirehouses and have relationships with these reps. They can't write health. Any other life, ltc, etc. that comes out, I get the override assisting them.

I figure what's in it for them is that they can be assured they are sending someone the Med Supp business knowing I'm not taking any other business from them.

Wirehouse guys don't really write term or LTC business because there isn't enough compensation. Premium needs to be more than 20k before they are making anything decent. Payouts are low for them.