promotional items for centers of influence

Sep 29, 2007

  1. Agent Jeff
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    What types of promotional items such as mugs and gifts of food have you found effective (including costwise) while trying to develop referral sources? How much do you budget per visit?

    Let's say I plan to swing by a typical mortgage broker who is not already a referral source every 2-3 weeks and bring a $5-8 box of doughnuts (or pizza ... or candy etc). Would this be too cheap? About right?
     
  2. HomeService
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    Check your state laws about giving gifts and the amount of money you can spend and so on...
     
  3. djs
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    djs Super Moderator Moderator

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    I'm interested in this as well. I know with centers of influence, there is a lot fewer restrictions as opposed to clients. As long as it's not tied to sales, and therefore is not in anyway commission splitting or rebating, you avoid a major red flag.

    I personally like to give 4 movie tickets after the first referral. Sold or not. This isn't the same as the recruiting visit though.... That is a tougher call.

    Dan
     
    djs, Sep 30, 2007
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  4. James
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    Alaskan Cruise for two be nice. If not maybe a meal at a nice resturant or movie tickets as the other poster said.
     
    James, Sep 30, 2007
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  5. Mr. Bill
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    You can get discounted movie tickets at costco
     
    Mr. Bill, Sep 30, 2007
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  6. Agent Jeff
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    I wonder about that. Wouldn't handing out movie tickets to a potential referral source who hasn't provided you any referrals yet seem wrong?
     
  7. policy doctor
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    How about a promotional flashlight with your name on it?

    different and novel idea....and they'll see the light.
     
  8. djs
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    djs Super Moderator Moderator

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    Well, if you read my post, you'll note that I said I would give them the movie tickets on the first referral, sold or not. That said, I don't see anything wrong with it being after a first successful interview.

    With centers of influence, consistency is the key much more than the 'what'.

    Dan
     
    djs, Oct 1, 2007
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  9. Agent Jeff
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    I agree with what you say, but what do you do when you are dealing with a regular employee paid on salary? It makes no sense to offer to trade referrals in that case.

    Also, I think most new P&C agents are registered reps these days. Is there a FINRA rule against paying for referrals?
     
  10. Agent Jeff
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    Thanks Dan,
    I appreciated and understood your original post. With my remark, I was hoping to get some more input on best practice during the recruiting phase.

    But if I were to get them, I do very much, like the idea of saving a little money by buying the tickets through Costco.
     
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