The Lead Jerk Interviews Peter Walker

[Mattschmidt]

No worries

We taught Peter Walker Final Expense & Ritter/Westfall taught him Medicare. We all start somewhere.

Why would you say Peter was trained by westfall/Ritter when that wasn't the case???

 

[springbokhouston]

When Matt and I first started talking about Medicare Supplements we chatted about Chris. I think Chris has got a great thing going and he's a super knowledgeable chap, although he's focused towards phone sales and no MA or FE. I did also have a number of contracts through Ritter that we didn't have at 360. I'm sure there was no malice involved in his assumption, so really a non-issue.

 

[FLM2]

The way he said it, yes. But I know Josh. I would be shocked to learn that he is not compliant.

I don't do MA plans anymore. But I do sups and it's on my card. Obviously I'm not promoting or mentioning MA or PDP's at all. But I get asked about them every week running FE leads.

It just comes up. I'm sure that's what he meant.

Regardless of intent CMS rules virtually prohibit transitioning from any other discussion to MAPD or PDP. You first need a signed Permission to Contact form completed and I'm not sure whether already being in the house on other business when asking for it would be appropriate.

It may be a ridiculous rule but putting thousands of FE agents out there with the instructions to ask about Medicare and then mention MAPD is going to cause compliance issues and probably, over time, once again increase the restrictions on marketing just when CMS seems to be moving in the other direction, e.g ,eliminating the stupid 2 day waiting rule after signing the SOA.

 

[jdeasy]

Regardless of intent CMS rules virtually prohibit transitioning from any other discussion to MAPD or PDP. You first need a signed Permission to Contact form completed and I'm not sure whether already being in the house on other business when asking for it would be appropriate.

It may be a ridiculous rule but putting thousands of FE agents out there with the instructions to ask about Medicare and then mention MAPD is going to cause compliance issues and probably, over time, once again increase the restrictions on marketing just when CMS seems to be moving in the other direction, e.g ,eliminating the stupid 2 day waiting rule after signing the SOA.

I get what you're saying and that's another reason I don't fool with MA plans anymore. The red tape is just not worth it to me.

And common sense doesn't apply to CMS.

 

[HoosierLife]

Regardless of intent CMS rules virtually prohibit transitioning from any other discussion to MAPD or PDP. You first need a signed Permission to Contact form completed and I'm not sure whether already being in the house on other business when asking for it would be appropriate.

It may be a ridiculous rule but putting thousands of FE agents out there with the instructions to ask about Medicare and then mention MAPD is going to cause compliance issues and probably, over time, once again increase the restrictions on marketing just when CMS seems to be moving in the other direction, e.g ,eliminating the stupid 2 day waiting rule after signing the SOA.

Well then good news for you. I've heard from multiple sources the 48 hour rule is disappearing as of October. We shall see if it's true here very soon.

 

[NuUzr]

What I find ironic is this - I rarely, if ever, have read or heard an interview of someone, who's been successful in MS then decided to switch to FE as their primary. But the reverse happens all the time.. FE to MS/MA



I don't see that "happens all the time" that a successful FE agent switches over to something else. In fact, I've never seen even long time successful FE agent switch to another field as a lead. I've seen many add in med sups as a cross sell and just pick them up when they fall into them.

It's become popular among some in the last year or so to do that Humana AOR thing but that's a short lived opportunity.

I have seen some successful MA agents switch to FE and become successful at FE. That's pretty rare though. MA is order taking, not selling. It's very hard for those agents to switch to selling. Not just FE, but anything.

I also know many very successful med sups agents that add in FE as a cross sell to their clients. They don't prospect for FE. Just provide it for their current clients.

Renewals for FE are the best in the life insurance business. But new business is the life blood. That's just how it is. It's not a bad thing that renewals are not like health insurance renewals, it's just what it is.

The agents you see switching focus all the time are just looking for a home. They are selling out to the next best thing.

It's like the FE agents switching up leads all the time. You can see it coming on our calls and our groupme chats. An agent will start asking about filters, the wording on the cards, different lead vendors, etc. Then shortly they disappear.

I'll ask Scott what happened to so and so. He'll say, oh, they cut their leads off for a while, {it's always "for a while"}, so they can explore other options.

Then you see them pop up at another IMO if you ever see them again.

This is a hard business. Not just because it's FE but everything else too. The average person cannot work for themselves. They just don't have the discipline to do what's necessary without a boss.

But for the ones that do make it, there is not a better career out there. I'm watching a guy right now that's been with FEX a few months. He's really been struggling. I've had many conversations with him trying to help him but he just kept fighting the system. I thought he was going to be one of the washouts. But something changed with him recently and he started listening and following the system that Travis lays out. The light has come one.

He said yesterday, "this is the easiest job ever".

And there is another key. If an agent wants to succeed in FE then they have to get with someone that can train them. And that trainer has to be someone that has successfully sold FE for a living. Travis said on the call Friday that he has never seen a successful FE agent that was trained by someone that never sold FE for a living. That got me to thinking trying to come up with someone. I can't think of a single agent either that was trained by someone that didn't know this business.

There may be that unicorn out there but I have never heard about them or known about them. And apparently neither has Travis.

You've probably forgotten more than most people ever knew regarding FE. So, I know where I stand.

Scott Walker apparently was extremely successful selling FE - someone through out 300K first year(who knows).. Ultimately though, he wasn't hurting for cash and was thriving in FE.

I just ask myself, why move? The long term residuals seems to be the common thread for those who cross over. I think there's a difference between sprinkling in FE while selling MS versus changing the primary focus entirely.

Something just doesn't make sense. Making high six figures then leaves for Medicare. Make me wonder is all.. IS the book of business that much more stable in MS? Therefore you'll be making way more money in the long run? That's the outline..

If anyone wasn't going to switch, it would be Scott Walker.. But he did. Why? It has to be the Money. More Money in the long run.

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1. A number of our agents sell Ms and MA.
2. I have a huge personal base (over 1,000) of local to me Medicare clients I've developed over the past 10 years. These are sales. Not Humana flip overs.
3. We supply the CSG Medicare quoters to all of our agents at no cost.
4. We supply our agents with set cost Med Sup leads at $21 each for ages 66-79 and incomes $25,000 and up and teach them how to easily cross sell FE from these leads.

So...what was your question again?

You may give me a right cross every now and then but you're to the point and direct - which I like.

Any agent who works for an IMO who doesn't have this MA/MS program in place is 100% undermining their earning potential. Are your agents taking advantage of this HUGE opportunity for the two-fold sale?

I wonder why 360 didn't offer this set up for Scott..

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There was an opportunity given to Peter to immediately have access & make an override on 1000 agents on the Medicare side of the business. That opportunity was taken. Now all of a sudden there is a "Medicare Craze" but few will actually profit significantly from it.

There are some on here that have forgotten more about Medicare than most "Medicare Mentors" know.

I'm curious - why do you think "few" agents will profit from the Medicare craze? I'm also wondering how the medicare subject came up if Peter was creating massive wealth in FE? He must have been contemplating Medicare beforehand - wonder why..

You would think an IMO would do everything in their power to keep a heavy hitter in their ranks..

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Interesting conversation going on here.

I will tell you guys that I had a great experience with Matt while it lasted, I learned a lot and was able to put that knowledge into action selling Final Expense, and for that I'm grateful. The bottom line is that cheat sheets, ride alongs and ding machines alone don't sell policies. A few ride alongs helped tremendously but from there I was pretty much on my own, which is the way I prefer to do things.

When I started to get into Medicare products I learned very quickly that there really didn't seem to be good organizations around that could train field agents. No, I didn't get trained by Chris Westfall or Ritter, I did however get tons of help on this forum from some very knowledgeable guys, and I was able to put that info into action and write a substantial amount of business for myself. EFES already had an in-house telemarking organization for MA and Supps and asked me to join them and roll out the opportunity to their field agents.

My team at EFES include two in house guys each with well over 20 years of experience in the Medicare arena. In addition to that, we also have an in-house compliance officer that reviews all training protocols as well has in-house legal support for any additional issues that arise. Lastly, all of our systems have been reviewed and approved by regional reps from both Humana and UHC and we continue to work hand in hand to make sure that our agents remain compliant.

I have been more than clear about my background all along and will continue to be so. I am a part of a wonderful opportunity at EFES to help agents (that are interested in Medicare) add these products to their portfolio. I don't claim to have all the answers but I do have the people in place that can find them when we need them. We are rolling this initiative out to a select group of agents in our organization and are already seeing fantastic success across the board.

I'm sorry that this seems to be a threat to some on this board, but I assure you that there's plenty of business for everyone. I realize that Medicare in general is full of potential mine fields, but I would encourage agents to take another look at the opportunity. The long lasting renewal income potential is hands down better than FE, but that being said it's all about compliance, compliance, compliance.

Hey, great to read your post! After listening to your interview/conversation with "The Lead Jerk" - I decided to look around and see how you're doing(I've learned that FE has an extremely high turn over rate - even with "successful" agents.) Anyway, turns out you're heading up Medicare now with EFES-congrats on the opportunity!

My first thought is - why would someone move from FE to Medicare if they're already doing exceptionally well--making $$$ with FE?!

Second thought was - I hear the "long term residuals" are the same theme with Medicare agents. You've said as much in your post.

Curious, at what point did you become more interested in Medicare over FE?

I'm surprised 360 isn't/wasn't on board with your efforts - considering you were a dominate player. Any agent who isn't taking advantage of the Medicare opportunity is CRAZY!

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How is what you are doing a threat to anyone on this board or anywhere else?

As for the people at EFES involved in medicare? What's involved? Are they on Medicare?

And when did they get to EFES if they are there? Up until 4 years I know for a fact that EFES had no one there that had ever sold medicare supplements for a living.

They had a guy a guy in charge of that dept. But that guy was clueless about Medicare.

I asked him one time if we had Combined. His answer, "combined with what?"


I think you will be great at this in time. And you correct that there is a void there for a Medicare training IMO. There are none that I know of.

That's why I don't get the "threat" comment. There's no one doing what you are doing to be threatened.

I just learned something-I think.. As a FE agent you can cross sell MS but not MA? Why?

 

[FLM2]

Well then good news for you. I've heard from multiple sources the 48 hour rule is disappearing as of October. We shall see if it's true here very soon.

I guess reading comprehension isn't your strong suit, that's exactly what that post of mine said but it still doesn't make your sales process compliant.

 

[KRobby]

Scott Walker apparently was extremely successful selling FE - someone through out 300K first year(who knows).. Ultimately though, he wasn't hurting for cash and was thriving in FE.

If anyone wasn't going to switch, it would be Scott Walker.. But he did. Why? It has to be the Money.

 

[rousemark]

If anyone wasn't going to switch, it would be Scott Walker.. But he did. Why? It has to be the Money. More Money in the long run.

Many reasons to do things other than money. But, the thing that puzzles me is why this obsession you have with other people's business?

 

[PA Bill]

It seems from a practical point of view that the 48 hr. rule should be a non-issue. You went there to sell FE, so get that in place first. Just thinking why complicate the issue because the more you give people to think about, the more people will want to "think about it".