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Buster Rhymes was a helluva college football running back for OU back in the day:
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At Newby... So if someone is new to FE, your saying it would not be advisable to contract with you? Would EFES be better for someone totally new? Also, I had a question for anyone. Final expense101.com. I hear the guy got most of what he learned from Shannon. I read those training from him are exclusive to those in his team. So just curious on you all's. Opinion regarding if it is ethical to turn around and teach it now outside of his team since you are no longer with them. This is for the guy who started finalexpense101. I was thinking of signing up for it.
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Yes, you are correct. If someone has never been in sales and is not clear at all how to sell FE, I believe they need field training and ongoing training.to be successful. You can get that several places and it always involves giving up a portion of your commission. Most agents fail without it.
The agent in this recorded interview is the exception to the rule. But he has been in sales his whole life. And he did sell insurance 40-years ago. His success is still going. He has had the same results every day after this interview so far. If this keeps going, I may need him to field train me.
As far as Final Expense 101, that is Jody's site. Jody has told his own story on the forum years ago (you can find it if you search.) he was never successful at making a living at selling FE. He did have great amount of sales right out of the gate but had a huge amount of cancellations and chargebacks and had taken too much advance. He quickly ended up digging too big of a financial hole for himself and had to get out of the FE business. That was several years ago and I haven't talked to Jody in many years but I don't think he ever went back to selling FE after that. Jody supports his family as a delivery driver or in a retail store or something like that, I honestly don't remember. I'm sure he will correct this if it needs correcting.
The FE101 site was started as a collection of things he took from Shannon and Equita plus lots of stuff he literally cut and pasted from my posts here on the forum. He also had some of Mark Rosenthall's training on there. He took a pretty brutal forum beat down over that and I assume changed some things up (I never looked at it again.)
From feedback I hear from agents that have paid the fee to Final Expense 101, it has useful information on there. It's not a bad collection of information. lots of people have taught subjects on things they were not successful doing. Doesn't mean they can't teach others.
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Here it is in Jody's own words after he had his most success selling FE but right before he started training others to sell FE:
EFT bank overdrafts are bankrupting me ... anyone have advice?
I think it's my market ... they are just too poor ...
Is FE really as good as it appears? I'd rather sell less policies to people that can pay ... how do you find these people?
07-13-2009, 09:21 PM Jody 108
no, no ... they are just deducting it from my next pay ... i had $4000 in EFT's these past two weeks ... it's out of control ... so my balance to the insurance company is eating away my pay ... in short, i aint getting nothin ... and i didn't expect it and i'm completely screwed ... so ... im thinking that this advanced bullcrap is not a good idea ... but when you're broke to start with, you got take chances ... it worked for awhile ... ha! until i had enough policies to increase my EFT odds ... then i had a slow month last month ... and BOOM ... BANKRUPT ... it was short and sweet ... now back to square one ...
I'm ready to bend over again ...
07-13-2009, 09:55 PM Jody 108
Old or should I say recent posts speak for themselves.
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Scott It sounds like he was doing several things right. What were the things do you suppose had that contributed to so much of his business falling off the books? Sounds like over 50% of his business didnt stick. Even getting paid as earned with cash in the bank, that would not have been sustainable after business costs. Perhaps there is more to the story than he was willing to say? Doesn't make any sense to me. First thing comes to my mind is he could sell but built no value and had no retention system in place.
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What would make you think he was doing several things right? Looks like the only right thing he did was look for another job.
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I'm with Mike on this, what part of what he was doing was right? He was a con man. he came on here recruiting and saying he had this Fe thing "wired" and how easy it was and how he couls teach you to do what he did. Well, I suppose that's true. he can teach you how to not be in FE just like him.
Stealing other people's training and then putting it out there as your own is setting yourself up for the karma that's come his way.
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The first I knew of Jody was when he called me during the time this was happening (large number of sales but no income after chargebacks.) The first time we talked I didn't really believe him. A lot of people talk about the huge FE numbers they sell and most are BS.
He called several more times and I could tell he was really telling the truth. He wanted to know how I deal with all my chargebacks. I told him that I always keep 15% of every commission I get in a separate bank account that I consider my chargeback account. When that account gets to around $25,000 I quit funding it. I never have even 5% of my business fall off. Back then a larger portion of my business was funeral Preneed insurance which always has around 99% persistency for me. FE is around 90%.
What I assume happened was he MAY have been paid on submit rather than on issue of the policy with some of his companies. That's a HUGE problem.
He was definitely trying to sell a lot of fully underwritten WL to FE prospects (another huge problem)
And I assume he was closing WAY to hard. That business won't stick.
And you have to assume that he was running it like a job rather than a business. What I mean by that is spending the commissions coming in like they are a paycheck rather than putting the money back into your business and only taking a small salary for yourself.
Jody definitely could have been successful at FE. He just didn't know how to run his business part of it. The key for most people is to take less advances. My advise to take 50% advance and then have those automatic paychecks start hitting you at month 7 is a much better way to grow your business slowly and on solid ground. People say, Hey I'm making a lot of sales but I don't feel like I'm making a lot of money at 50% advances. That's exactly right. That's what you want. You always want the insurance company to owe YOU money. Not the other way around. And once you are 12-months in, you will feel like you are making a lot of money...and it will actually be true.
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His business was falling off the books from what I read Newby posted above. So he had to be getting in homes. Selling. Submitting business. All the things it takes to do that. I'm only going by what Newby posted above. Perhaps I read it wrong? If all that business he wrote (supposedly) stuck, do either of you two think he would have had the same result of chargebacks with business sticking. Doesn't make any sense to me because I thought I read otherwise. Can you qoute what you are reading?
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Yes. Another thing is Jody was following Shannon Davies training and I think (I don't know for certain) that it involves some very detailed wording and scripts. In my opinion, when an agent is new and following a memorized script, he is never going to be as good at that point as an agent that is basically going in and having a conversation with the prospect. When you are following a script you are less focused on what they are saying and doing and more focused on remembering your script.
Everyone has to start somewhere and scripts are a part of that for new agents. But I think that is a factor in a slick sales presentation closing sales that don't stick.
I think as quickly as you can, an agent needs to get to the point that he has conversations and fact-finds rather than relies on a script that was taught to him.
