New Agents Can Make 100k to 250 in 1st Year Crap

[RonRoberts]

Well let's see. If an agent could sell 185 policies over a 12 month period at an average of $45 per month premium, that would hit the 100K mark. Not that you would get paid all of that up front because they all wouldn't pay out the full 12 months.


52 weeks of working 5 days a week selling 1 policy a day would put you at 260 policies for the 12 month period.

So, is it feasible? Yes it is. Will most agents do it? NO! Why? Because most agent won't work that hard. Some do, and they will make it, but most don't.

So the question again is....Can an agent make 100K their first year? YES!!

To sell that many policies a new agent would have to have an arsenal of leads/prospects. In my opinion, and that is with having sold 0 policies before, a new agent may not be able to financially afford the amount of leads/prospects to produce that type of income. So, without going broke in the process how does a new agent that is willing to work 60+ hours a week get the necessary number of prospects/leads to produce enough to make $110K a year?

 

[Todd King]

You can cut your lead costs dramatically if you learn to get referrals.

In my opinion, most agents either don't know how to ask for referrals correctly or they don't ask at all!

An agent could also learn to cold call. Of course this takes time, and time IS money, but agents usually waste more time trying to figure out the easy ways rather than being pro-active and really working.

 

[theinsuranceman]

Greg,

Is the Daviso Group part of your group? Are you guys part of the same team or two separate groups?

How would an agent choose which of you to contract with? Do you operate exactly the same or differently?

We are 2 separate groups that are part of the SL team.

As far as choosing I guess the agent looking would need to call and speak with each.

I much prefer to find agents in my backyard who can come to the office every day, full-time. My agent retention is beyond anything I've ever had before utilizing my office with the cubicles. Agents working in my office experience the same thing as if I was riding in the field with them all day. Plus I can affect 9 agents (or however many agents in the office) all in the same day. In the field it would be only one agent per day. This is a GREAT way to leverage my time helping agents grow and be successful.

My agent turn over in the office is practically zero. My agent turn-over with agents working outside the office is just about like the turn-over with agents in the field, not all that great.

I have 2 agents who each got licensed about 6 weeks ago and 2 mos. ago respectively. One usually writes $2200-$3000 per week and the other about $1500-$2000 per week all using tele-sales only. So yes, tele-sales can and does work for new agents, provided they have the correct training, are coachable, and have a burning desire to succeed along with a steady supply of 20+ leads per week. These 2 guys write this prod. in about 25-35 hours per week and are happy with just that level of production.

I have a brother who is not fond of tele-sales and hates leads. He goes out each week into the field knocking on doors and stirring up biz. He'll write $1500-$4000 per week depending on his effort and sometimes a little luck.

In Jan. of this year, I wrote just over $8200 in one week working 75 FRESH EXCLUSIVE leads to demonstrate to a few agents what is possible if they have the juice to do it. Took about 50-55 hours and there were about 20 of the 75 leads that were not contacted that week...either no answer, line busy, voice mail, etc. And there were sales in those 20 or so "not contacted" leads a week later which I'm not counting in the $8200+ figure. Didn't even have to crank the car up.

Training agents to do this at home, whether they live out of town or out of state has the usual agent turn-over as if I threw them out into the field to fend for themselves, although I do have a succesful young lady doing it from her home up in Va.

I also don't contract everyone and anyone I speak and intereview with. I'm out for quality not quantity. Contracting just any old agent is a recipe for agent debt. Who wants to invest time and $$$ to train someone just so they can inherit agent debt mos. later? I'd be much better off focusing on pers. production than doing that.
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To sell that many policies a new agent would have to have an arsenal of leads/prospects. In my opinion, and that is with having sold 0 policies before, a new agent may not be able to financially afford the amount of leads/prospects to produce that type of income. So, without going broke in the process how does a new agent that is willing to work 60+ hours a week get the necessary number of prospects/leads to produce enough to make $110K a year?

Contact me or Senior Life at Senior Life Insurance Company | Home.
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Amen! Not a whole lot different than what one can get out of the phone book.

That's true if you don't know how to work a lead. If you know how to work a lead (and I don't mean saying "you mailed this card in needing some insurance and I'm here to write you up") then a lead is far superior to a phone book.

I had an agent spend 30-35 hours dialing #'s from a phone book for FE. Made one sale. There was also a risk of dialing numbers on the DNC list. He quickly realized it's better to invest in fresh exclusive leads along as one has the correct training in working leads. This is for FE, but I would think it would hold true for Med Supps, Term, Annuities, etc.

The key is knowing the correct way to work a lead, irregardless of the product you are showing. Most agents were never trained on how to work a lead the correct way to yield max. results. This is probably a big factor in the agent failure rate (along with laziness and no one to talk to).

 

[thinktank]

It's like a multi-level marketing pitch. They keep telling you about the success of one person at the top and pretend that everyone else should see similar results...

 

[Newby]

I don't recommend selling FE by phone and especially not captive for Senior Life BUT if I was a new agent that WANTED to do that, I think Greg's set up would be the best way to go about it.

I can believe that he has some agents making enough money to keep them happy.

Different strokes for different folks.

 

[TDinsgrp]

Greg pretty much hit the nail on the head. See, we (my agency) just got into telesales about 5 months ago. Yes, started off really rough but we are all die-hard field agents. But, all's it took was a little training from Ron Powell and we got it. It's actually really easy and fun.

But Greg is on the same page we are. I am based in OH. SL is not lic'd here yet. So, once we are, we will most definitely be bringing on a ton of qualified field agents and field train them. That's what we are good at. But, we are also getting ready to open a new office with call center space an do exactly what Greg is doing. Cubicles for calling and a "New Licensing Center" to license new agents and train them on the phone. I truly believe the same thing. I want to be right next to them everyday mentoring and training. Fortunately I have my right hand guy Jeff who is tearing it up on the phones right here in OH. Top agent in our group right now. He will help run, train and mentor new agents on the phones in the office.

basically, we will have a phone & field division. I do have agents ask to do both. I strongly recommend agents start off with what they know and what they are comfortable with which is usually field sales. We can always train on phone sales gradually on Fridays & Saturdays.

Like Greg said...best way is to talk with both.

 

[briko3]

The key is knowing the correct way to work a lead, irregardless of the product you are showing. Most agents were never trained on how to work a lead the correct way to yield max. results. This is probably a big factor in the agent failure rate (along with laziness and no one to talk to).

How do YOU recommend working leads?

 

[arnguy]

Mark, why did you have to burst the bubble? How is the insurance industry going to attract ex-mortgage brokers, etc., if it can't promise those first year earnings. Just saying!

 

[0b1kanobee]

How do YOU recommend working leads?

I don't think he can just tell you over the computer nor why would he want to? I'm sure there is a system just like he says. I have talked to Mark AKA 'yougotmymoney' on here several times and he works leads and he'll tell you the same thing, there is a special way to work leads. You have to be sharp and on your feet. I have talked to Mark AKA 'YouGotMyMoney' on the phone and he is one sharp young man with a great phone voice and he knows his products (health insurance) inside and out.

Frank who does med sups also has a way he teaches which has made him successful That is why you have to sign up, buy his software and he'll spend three hours on the phone with you along with his booklet on how to call for med sups.

I'm convinced that an agent who has the desire to learn, is teachable and is somewhat smart (can learn products) can be taught how to be successful. When agents fail though, I know most of the time it is because they either don't have what it takes or their timing in life just isn't right. They have too many other things going on in life and are grasping straws. Insurance sales is just another one of those straws for them and they fail at it. They will blame everyone and everything in the world and not hold themselves accountable.

I have also seen guys go out and 'make it' with hardly any training. Sometimes not even the most competitive product. But they have such a burning desire and need to make it work along with a work ethic that is second to none, they just can't fail. Failure is not an option for them. The word does not exist in their vocabulary.

 

[Hopwood04]

It's called marketing. Could you imagine an ad that says "You probably wont succeed and 98% of those who try don't, but if you work your butt off you could make over 100K your first year"? They would get 0 response. I think most agents look at the hype and say to themselves I don't need to make 250K my first year, but if I could make $X, I would be happy.