The Leap is Official...

[cratos]

Now what?

I turned in notice to my current employer yesterday. My last day is 4/2/10 and I start full time at Modern Woodmen of America on 4/5/10.

I have taken my 40 hr class and will be taking the Life/Health exam tomorrow morning.

I have to do $2,000 (I think thats the number, I'm drawing a blank at the moment) in commission (including 5 lives) to earn my contract. Then I have to have $12,000 in annual premium by the end of month 3 (after earning the contract) to keep it. $15,000 AP per quarter qualifies me for their Sure Start Award.

I'm working on my project 200 now. While I don't mind talking to friends and family about what I do and referrals, I don't want to try and 'sell' them and become that guy they dread talking to.

With that said, what are your suggestions for hitting $15,000 AP per quarter as a captive agent focusing on Life and Annuities to begin with?

My long range business plan inlcudes a good mix of life, annuities, and investments (retirement planning). But I will not have my securities licenses for a couple of months. How do you handle clients that want something you can't offer yet? Do you refer them out in order to take care of them, or do you hold them off until you are properly licensed?

I appreciate any input.

 

[Mark]

Good Luck to you!!

I don't know how to word what I want to say to you and not sound bad...

Before you started any of this, what was your plan? To just show up and do great things and know not much of anything about doing this?

 

[moonlightandmargaritas]

With that said, what are your suggestions for hitting $15,000 AP per quarter as a captive agent focusing on Life and Annuities to begin with?

Are you a believer in prayer?

 

[cratos]

I guess I should have provided some more details on what my plans were. I felt that the post was getting a bit long winded though and cut it short.

I will be mentored by the Reg. Director who is a 30 year veteran in the industry and 20 years with the company.

Some of my thoughts for prospecting/marketing include:

1. Edward Jones style door knocking to introduce myself and build a call list.
2. Cold walking local businesses.
3. Woodmen has a mail center that allows me to purchase name lists (can be demographic specific) and the home office will send out mailers for me. Cost is $.03 per name and $.10 for postage. I was thinking of starting with a 1000 piece mailer and calling every name on the list shortly thereafter.
4. Networking: Ga. Society of CPA's, Rotary, Chamber, local Republican party, (Other Suggestions Welcome).
5. Fraternal Programs for Children: One of the things that drew me to Modern Woodmen was the Fraternal Side of the business. I have many programs for children that can be offered to schools and daycares at no charge to me or the school. My goal is to get at least one organization per week to do at least one of the programs.

These are some of the ideas I had based on my research of the industry and on some of the training materials I've had the opportunity to read from Modern Woodmen.

My mentor will go to any client meetings that I ask him to attend, and will not hit me for a split on the commission (I'm sure he gets some sort of override commission anyway).

Hopefully that gives you a better idea. I'd like to think that I am stepping forward with my eyes wide open. But by all means, I'd appreciate any constructive comments.

 

[xrac]

Are you a believer in prayer?

!!!!! Meet with all your friends and acquaintances and tell them about your career change and what you are doing now. Ask them who they know that could use your services.

 

[GAHEALTH]

I have to do $2,000 (I think thats the number, I'm drawing a blank at the moment) in commission (including 5 lives) to earn my contract. Then I have to have $12,000 in annual premium by the end of month 3 (after earning the contract) to keep it. $15,000 AP per quarter qualifies me for their Sure Start Award.

So let me ask - Did you or did you not do the $2000 in commission yet?

I don't know anything about woodman as far what their pricing is like on their products but I have been running a lot of quotes lately and it sems most are around $450-$850 in annualized premium. So if that is similar then just doing the 5 lives you should be fine. It could also be 2 1/2 families (each has separate policy).

Best of luck to you!

 

[cratos]

Thanks for the encouragement GAHealth. I haven't done the $2000 yet. I'm currently working in public accounting, which hasn't left me with a lot of spare time to work on my transition the past few months.

I have one strong prospect, which will cover a significant portion of the $2000 when we write the case. This prospect is a family member. I don't, however, have strong prospects for the balance of the initial requirements at this time.

 

[ILcombined]

Now what?

I turned in notice to my current employer yesterday. My last day is 4/2/10 and I start full time at Modern Woodmen of America on 4/5/10.

I have taken my 40 hr class and will be taking the Life/Health exam tomorrow morning.

I have to do $2,000 (I think thats the number, I'm drawing a blank at the moment) in commission (including 5 lives) to earn my contract. Then I have to have $12,000 in annual premium by the end of month 3 (after earning the contract) to keep it. $15,000 AP per quarter qualifies me for their Sure Start Award.

I'm working on my project 200 now. While I don't mind talking to friends and family about what I do and referrals, I don't want to try and 'sell' them and become that guy they dread talking to.

With that said, what are your suggestions for hitting $15,000 AP per quarter as a captive agent focusing on Life and Annuities to begin with?

My long range business plan inlcudes a good mix of life, annuities, and investments (retirement planning). But I will not have my securities licenses for a couple of months. How do you handle clients that want something you can't offer yet? Do you refer them out in order to take care of them, or do you hold them off until you are properly licensed?

I appreciate any input.

Best of Luck, and I think you will be fine. 15k Quarterly is not an un-obtainable number by any means.