partnering with banks?

[Imladris]

I've read (I can no longer remember where) that a good source and relatively untapped way of selling is to find a bank who does not already have an agent or agency to refer loan applicants to. Does anyone know anything about this?

 

[Ahnuld]

I've read (I can no longer remember where) that a good source and relatively untapped way of selling is to find a bank who does not already have an agent or agency to refer loan applicants to. Does anyone know anything about this?

Yes I do. Primarily with credit unions(CU). However, independent banks, community banks, local/regional banks are handled in a very similar manner. Not so "untapped" as you might imagine. But...the opportunities are practicable for an enterprising young person with the proper credentials, to which I will infer an agreeable amount of integrity (bankers are loath to speculate with, shall we say, the less than trustworthy).

 

[Steve]

Most banks and credit unions have insurance available, but many loan officers don't feel compelled to write it, or know that they don't have a competitive product.

There are tons of agents that make contact with this market, but almost none that do it successfully.

Visit the loan officer consistently, every week, and never stop. Don't waste their time! Just poke your head in the door, remind them who you are and what you do, and get out of there. The first time you go in, you'll get a hello. After the first month, they'll view you as the others that have introduced themselves, and expect you to stop showing up soon. After maybe three months, you stand out from the crowd in a big way. After that, they'll see your consistency, determination and stay-power, and probably throw you a morsel just to feel out your follow through. When it happens, move fast, get it through and keep them informed. They'll love not dealing with it and develop confidence that everything is in good hands.

Never stop visiting every week. Never drop the ball. Put 15 of them on your start list, and after no less than three months narrow it down (if you want) to the best feeling 10. Stay with those ten, and never miss a week.

For an investment of one or two hours per week, you'll be looking at gaining fifteen to 100+ contract opportunities a year. Consistency and persistency is the key. Stop showing up every week and you lose. If they can't say hi, write a note on a post-it and stick it to your card. Just say "I was passing by again and wanted to say Hi!"

It works

 

[Brad Howard]

There is a new nonmed product out there also that is 100% consumer transaction with standard rates. Keep that in your back pocket too, many institutions will want the ease of an online or kiosk type of transaction where no agent is required. We're seeing success in this early on.....

 

[CHUMPS FROM OXFORD]

Another broker in the office (Damn...I wish I would have thought of it)..receives about 3-5 solid leads per week from local banks he works with.

They refer health insurance clients and he agrees not to discuss financial planning with them.

 

[susieQ]

I have a friend that just went to work for a small bank. They were looking for someone securities licensed, series 7 and all. They have several banks, should be a piece of cake just working the client base. He has certain production requirements he has to meet, etc. It's in the bank though. He's not captive other than to them. (Same thing as far as I'm concerned.)

 

[Ahnuld]

I have a friend that just went to work for a small bank. They were looking for someone securities licensed, series 7 and all. They have several banks, should be a piece of cake just working the client base. He has certain production requirements he has to meet, etc. It's in the bank though. He's not captive other than to them. (Same thing as far as I'm concerned.)

Is he exclusive to the bank and may only sell the bank's products or may he sell his stuff outside of the bank to non-bank depositors? The reason I am asking is that I've a buddy in MI whose arrangement allows both as long as there is one of his agents in the bank for 4-hours a day.

This particular 3-branch bank actively works the insurance to bring in and/or expand new business, particularly HSA deposits. They present after-hour info sessions for an hour a few times a week to educate their clients,both individuals and small business.

It's a nice synergy. We tried this approach without much success in my neighborhood, but we are thin on independent/community banks interested in pushing insurance.

 

[susieQ]

He is exclusive to the bank and their products. Can't even give someone health insurance if needed.

 

[Ahnuld]

Wow. I guess once burned may have happened to this bank once upon a time. In my neighborhood, many years ago the SPDA was hot ticket (remember when FIFO was around?). When FIFO went LIFO, agents kept pushing annuities. Apparently a little teensy weeny PR problem developed for this particular bank. FIFO, LIFO, FIDO...the depositors hadn't a clue. Ouch.

 

[Dave020]

Banks are great places to learn exactly how to f**k up the sales process.

I was standing in line at my bank (WAMU) about 4 or 5 years ago and the "insurance/investments" desk was very near where I was standing (making a deposit).

This kid has just finished selling an annuity to a senior. For some reason, he brought up the "free look" period and kind of kept going on about it over and over. I could see the client was getting a bit more nervous each time it was brought up. I kid you not, this kid must have mentioned it seven or eight times.

Sure enough by the time I was done with the teller, the client had cancelled the annuity in favor of a CD.

Talk about walking yourself right out of a sale!