New to biz - hello and advice needed

[Sam]

I have sold insurance to some of my closest friends and family, but I never once asked for an account. I do make sure that they are aware of what I do, and what areas I have expertise in, and I open the door, but I would never try to hard sell them.

However, I have no issue at all with asking my friends and family to refer me to people that they know. I do an excellent job in converting those referrals into very satisfied clients, and my friends and family have learned that it only makes them look good.
If you are not ashamed of what you sell, and treat your clients well, then there is no shame in "taking advantage" of your friends and family. However, I probably only think this way because I am independent. If I was forced to sell only products from a captive company, it would take a lot of cognitive dissonance for me to pitch them.

 

[James]

Circle of Influence, Warm Market whatever you want to call it, it is at the heart of what Insurance or Financial Planning is all about. It isn't a numbers game, it is and has always been, a Peoples Game. In other words the ability to reach and work with people. There is a damn good reason why COI is at the heart of any successful insurance carreer. Referrals is nothing more than the proof that COI is at the heart of selling insurance and financial products. I can not really think of many other products you can sell that is more "Social" in nature than Insurance.

If your family and friends won't give you referrals, if your clients won't give you referrals or direct them your way you need to seriously reconsider a carreer in Insuance and Financial Planning.

 

[prw240]

Wow...thank you for all the input.

I certainly am comfortable at tapping into my circle of influence. However, I guess I need to understand better just how this list is to be used. It feels a little funny giving them this list before I even have an official offer. I am supposed to have this prepared on the day I receive my offer.

I do not wish to hard sell my close friends and family on products that may not be best, just because I am captive with this Metlife. But it seems that most people get started this way (captive I mean). I am expecting training and support. Has anyone ever worked for Metlife...any idea on what I can really expect? I have not looked into Edward Jones, Raymond James etc... Any other recommendations?

Thank you!!

 

[GP32765]

sell for Prudential/I replace those policies all the time

I love going up against the Big guys as far as insurance is concerned. I almost all the time beat there rates by 10-20%. I and offer them better solutions for what they want. I replace about 2-3 of those policies a week because the agent has sold them a crappy whole life. Do you want to sell for one Company or do you want to represent a lot of different Companies and truly get them the best product at the best premium? I think it is a no brainer.

 

[Crabcake Johnny]

Let me reinforce what I think - I think all of your friends and family should by their insurance products/financial products from you. The only caveat is that you really know what you're doing and you can make sure they're getting the most competitive product available.

Imaine if I would have followed the logic of contacting and selling my friends and family when I was new in the industry. Then they'd all have Mega Life plans. Instead, I knew better than to contact anyone I was close to until I became an expert.

 

[James]

Wow...thank you for all the input.

I certainly am comfortable at tapping into my circle of influence. However, I guess I need to understand better just how this list is to be used. It feels a little funny giving them this list before I even have an official offer. I am supposed to have this prepared on the day I receive my offer.

I do not wish to hard sell my close friends and family on products that may not be best, just because I am captive with this Metlife. But it seems that most people get started this way (captive I mean). I am expecting training and support. Has anyone ever worked for Metlife...any idea on what I can really expect? I have not looked into Edward Jones, Raymond James etc... Any other recommendations?

Thank you!!

I imagine knowing several working for the "Evil" insurance companies and once myself going thru the NYL process is that the list is yours not that of the agency as some here would suggest. You use the list as you see fit, of course the idea of meeting production requirements is present, which is where most I think are coming from.

Other recommendations, Mass Mutual, Guardian, John Hancock etc etc, one good thing about Insurance and Financial Planning is you have two products to rely on. IMHO it is easier to get started in Financial Planning if you have a solid Insurance Company you can sell Insurance for while building your Financial Book of business.

Just remember, don't sell on price but quality.

Ps for advice on B/D's I would think going to a forum more geared towards financial planning would be beneficial, and just so happens here is one that is pretty good, http://www.financial-planning.com/phorum/index.php

 

[Alsky]

Met Life

I used to work for Met Life about 25 years ago... I am sure things have changed since then, but they would give a new agent a folder with 100 numbered lines and we were told to list 100 people we know... friends, family and etc. This was our prospect list, Met called it "Prospect 100". They would instruct new agents to "Sell these people first".

Well, with the pitiful commisions they paid us, most of the new agents were gone by the time they went through the list. But Met definitely does well with this concept and they paid for you to get licensed.

I personally do not believe in prostituting my friends and family in trying to sell them every product from every endeavor I pursued in my life. If I did, at age 52, I probably would not have many friends and family left willing to talk to me and not running the other way when they see me.

I let my friends and family know what I do, and if I can help or give advice, I am certainly there to offer my services.

By the way, this is my first post and I definitely enjoyed this forum so much, that I had to join. Thanks to all of you, Great stuff!

 

[CHUMPS FROM OXFORD]

You're right. I started working for MetLife in 1980...and I'm still there!

It was called a "Project 100" and it was rather goofy. After about 25 names, I used baseball players for my final 75 so I could get into "Career Success School."

But things have changed. WE can now write for virtually any company, and the benefits are still strong. Health insurance is written through the General Agency and as a Financial Planner, I have access to more companies that I need.

 

[Alsky]

When I was there they still had a few "debit men" around, although they were being phased out. I figured things were different now. It was still a valuable experience for me even though I only stayed with them for about 8 months.

 

[CHUMPS FROM OXFORD]

I knew a few of the old debit agents. It had been phased out by 1980.

Frankly, I don't know how they did it. A lot of their time was spent collecting premiums. Or rather...most of their time. But they did stay in touch with their clients.