Suggestions on Reading Materials And/or Getting Started

[Joemonkey]

Hey all, I lurk around here reading threads, tips, information all that stuff. I currently work directly for one of the 'bigs' in the medicare advantage market doing telesales. Not going to brag or anything cause I'm newer to this career, but I do rank well within the company with solid numbers

I've been doing some light research into going independent, and was wondering what if any resources you'd all suggest for me to look into if I decided to venture out on my own.

Obviously picking territories or areas, familiarizing myself with the companies, competition and compensation is on the agenda, but as far as properly marketing early, what kind of seed money, what are some halfway consistent lead companies, any and all pitfalls or suggestions you'd have for someone considering making the leap.

Plan is early next year to slowly start moving myself from full time here to part time and some independent work to maintain a stable income and test the water to see if I have what it takes to run solo haha. Main goal is to probably continue primarily doing telesales with some light appiintment/field work

So I know it's a fairly vague post, but any words of wisdom would be appreciated thanks!

 

[Glen Shelton]

Hey all, I lurk around here reading threads, tips, information all that stuff. I currently work directly for one of the 'bigs' in the medicare advantage market doing telesales. Not going to brag or anything cause I'm newer to this career, but I do rank well within the company with solid numbers

I've been doing some light research into going independent, and was wondering what if any resources you'd all suggest for me to look into if I decided to venture out on my own.

Obviously picking territories or areas, familiarizing myself with the companies, competition and compensation is on the agenda, but as far as properly marketing early, what kind of seed money, what are some halfway consistent lead companies, any and all pitfalls or suggestions you'd have for someone considering making the leap.

Plan is early next year to slowly start moving myself from full time here to part time and some independent work to maintain a stable income and test the water to see if I have what it takes to run solo haha. Main goal is to probably continue primarily doing telesales with some light appiintment/field work

So I know it's a fairly vague post, but any words of wisdom would be appreciated thanks!

When you make the move to independent, are you going to continue to focus on Medicare Advantage?

 

[Joemonkey]

Primary focus will be on Advantage and Supplements more than likely.

Eventually if successful after "dipping my toes in" and before making the leap to full Indy familiarize myself with more life products/lines.

The big reason behind considering making the plunge is residual income. I understand my parent company is currently shouldering the marketing costs that make my phone ring, and I have a somewhat respectable base/benefits package, but if I can achieve 5% of the business solo as I acquire here I would be far far better off long term.

Big variable for me is going to be figuring out the marketing/mailer aspect, cost per policy, cost of making the phone ring, ect...

 

[sshafran]

Eventually if successful after "dipping my toes in" and before making the leap to full Indy familiarize myself with more life products/lines.

Will you be (contractually) allowed to "dip your toes in" to the indy market while maintaining your contract with the agency you work for now?

I'd be surprised if an agency had you on salary, provided you with leads, and said, "Cool!" when you got appointed with carriers outside of their parameters.

The big reason behind considering making the plunge is residual income. I understand my parent company is currently shouldering the marketing costs that make my phone ring, and I have a somewhat respectable base/benefits package, but if I can achieve 5% of the business solo as I acquire here I would be far far better off long term.

Big variable for me is going to be figuring out the marketing/mailer aspect, cost per policy, cost of making the phone ring, ect...

A few things: the marketing costs may be more than you anticipate. Not saying they will be... but be prepared to pay some $$$$ (or time, which is really money) to make your phone ring.

What is a somewhat respectable base/benefits package? Just curious what you'd be leaving...

In the long run - I think we'd all agree: Independent is Better. Build your business - not someone elses. As long as you can get the phone to ring, which is a different skillset than closing sales.

 

[Glen Shelton]

Primary focus will be on Advantage and Supplements more than likely.

Eventually if successful after "dipping my toes in" and before making the leap to full Indy familiarize myself with more life products/lines.

The big reason behind considering making the plunge is residual income. I understand my parent company is currently shouldering the marketing costs that make my phone ring, and I have a somewhat respectable base/benefits package, but if I can achieve 5% of the business solo as I acquire here I would be far far better off long term.

Big variable for me is going to be figuring out the marketing/mailer aspect, cost per policy, cost of making the phone ring, ect...

Here are a few Medicare training resources I would recommend:

My book ($10), co authored with Justin Bilyj and more than 30 other agents - Sales Training Book - Lead Heroes

ILIAA Medicare training website ($20 per month) - Medicare Training 101

Scott's new video series (completely free) sent directly to your email inbox - https://app.bombbomb.com/app/form/?form_id=77665874-b245-5dfa-d85d-a743eeca02d6

EDIT: almost forgot Mike Gattorna hosts a weekly Medicare webinar series as well - https://attendee.gotowebinar.com/register/2693587263294693635
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Will you be (contractually) allowed to "dip your toes in" to the indy market while maintaining your contract with the agency you work for now?

I'd be surprised if an agency had you on salary, provided you with leads, and said, "Cool!" when you got appointed with carriers outside of their parameters.



A few things: the marketing costs may be more than you anticipate. Not saying they will be... but be prepared to pay some $$$$ (or time, which is really money) to make your phone ring.

What is a somewhat respectable base/benefits package? Just curious what you'd be leaving...

In the long run - I think we'd all agree: Independent is Better. Build your business - not someone elses. As long as you can get the phone to ring, which is a different skillset than closing sales.

Speak of the devil ...

 

[Joemonkey]

Will you be (contractually) allowed to "dip your toes in" to the indy market while maintaining your contract with the agency you work for now?

I'd be surprised if an agency had you on salary, provided you with leads, and said, "Cool!" when you got appointed with carriers outside of their parameters.

I've looked through the contract and spoke with some of the agents in the field, and from what I'm seeing/hearing it should be possible as long as I'm not taking their leads and running them outside. Basically as long as I'm not a douche about it lol.

Plan for the toe dipping was just stay appointed with the one company and run my own leads

Kind of a hybrid telesales/career field/Indy type thing haha

A few things: the marketing costs may be more than you anticipate. Not saying they will be... but be prepared to pay some $$$$ (or time, which is really money) to make your phone ring.

What is a somewhat respectable base/benefits package? Just curious what you'd be leaving...

In the long run - I think we'd all agree: Independent is Better. Build your business - not someone elses. As long as you can get the phone to ring, which is a different skillset than closing sales.

I'm sure they are going to be far more expensive than I think, I'm hoping I'm in the ballpark which was why I was hoping for some numbers haha

As far as my pay goes, it's about 36k base. This year I should clear actual pretax dollars around 65k, about another 4k in 401k monies, 2k HSA money, and of course the annual trip for the top sales folk. Month of vacation is fun and the health/dental is fairly above average. I expect about a 4-5k annual increase from raises and supp residuals for the next 4-5 years until supp residuals start cycling out.

That's doing about 35-40 supps and approx 200-220 MAPDs if my yearly averages stay about the same. Residuals on supps for a few years which is nice, but MAPDs are a 1 shot check. Also some dental/vision/PDPs/closed appointments peppered in. I know my indy numbers are going to be vastly different unless i spend a crapton on marketing, but higher initials and residuals are my reasoning long term

This isn't a terrible job to be honest, decent pay, good benefits, but to reuse your comment, I'm building someone else's book at the moment which i dont like, lack of substantial residual income which is what attracted me to insurance, and from what I can see (in house at least) I seem to have a decent knack for this.

Real goal/plan is to pick a couple of counties/areas stick a couple grand into marketing mailers/leads and dump any commissions into more and see if it can self sustain. Rinse repeat for the first year.



I'll dig into those links/books when I get home, thanks!

 

[Bevo]

Build your business - not someone elses. As long as you can get the phone to ring, which is a different skillset than closing sales.

This hit the nail on the head. You'll be coming from what is a 99-100% pure sales role and into what will soon be a 80% marketing role. You'll soon realize that closing the deals is the easy part.

That being said I wish you very well and hope you make it. If you can work both as you mentioned, then I'd go big or go home. Work 6-7 days a week to build up serious momentum and cash flow, while continually learning and improving your marketing and cutting expenses. Put your head down the first 2-3 years like there's nothing else in the world except this business and do things that other people aren't willing to do. The market is wide open with more prospects than competition yet so few take on this attitude. Make hay while that Sun is shining.

Then by year 4 you'll look up and be on cruise control with a ton of revenue coming in, all the while being massively thankful that you made the sacrifices to get there.

 

[sshafran]

As far as my pay goes, it's about 36k base. This year I should clear actual pretax dollars around 65k, about another 4k in 401k monies, 2k HSA money, and of course the annual trip for the top sales folk. Month of vacation is fun and the health/dental is fairly above average. I expect about a 4-5k annual increase from raises and supp residuals for the next 4-5 years until supp residuals start cycling out.

That's doing about 35-40 supps and approx 200-220 MAPDs if my yearly averages stay about the same. Residuals on supps for a few years which is nice, but MAPDs are a 1 shot check. Also some dental/vision/PDPs/closed appointments peppered in. I know my indy numbers are going to be vastly different unless i spend a crapton on marketing, but higher initials and residuals are my reasoning long term

Ok, so you're around 65k now pretax.

Budget for a personal paycut 1st year (unless you can figure out how to write about 260 clients (260 x $250) with no marketing costs - in which case, please take all of our money and show us how to do it too), because like we know, you'll spend time/money on marketing until you figure out what works for you...

But don't think about the "paycut." Who cares. By year 2 or 3 you'll wonder why you didn't go indy sooner. Again, assuming you continue to work hard and market well.

Like Bevo (basically) said - go all in. Believe you can do it. Don't dip the toe - just go for it, grind it out, and don't look up for a few years.

 

[somarco]

More than one person on this forum lived on beans and rice and maxed out their credit cards to start their business. Not saying you have to do the same, but it will take longer than you think to get money coming in, will cost more than you expect to get warm bodies to talk to, and no matter how much you think you know now you will soon find out you don't know enough.

Yet.

The Medicare business is get rich slowly for most. Even if you know everything there is to know about lead gen (which is the secret to success) unless you have a pot of money to draw on you could very well find yourself wondering when the magic will kick in.

The payoff is down the road, about 2 - 3 years as others have said, so if you are patient and can fund your living expenses until you get there you can make it work.

Oh, and your phone will not ring at first unless you have learned something it took the rest of us a while to make happen.

 

[jemelton]

I'm learning this. If I can get in front of them getting them to see that all plans are he same is the easy part. My biggest hurdle is Getting in front of them.

Without giving up various lead generation avenues do you guys do dm, cold calling, telemarketer leads ect, hire your own telemarketers?

I've done face to face. I like it because it allows me to review, cross sell life insurance and review old policies. How do I get in front of more people overpaying for their supplement?