Tips for a New Agent? 22 Years Young. Still in College. Have a Few Quesitons.

Feb 21, 2016

  1. SeanV
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    SeanV New Member

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    Good afternoon,

    Its a pleasure having stumbled across this great community of what seems to be intellectual and helpful people!

    I just started interning for North Western Mutual, and have gotten an offer this summer for Mass Mutual(internship as well with identical pay)

    I just had a couple quick questions, as I plan on being successful in this business. I understand that the washout is high, as with any sales role, so I want to start off on the right foot.

    1)Should I invest in leads, or try my luck on family/friends or just going out and prospecting for leads in my city?(miami)

    2) What are the biggest mistakes new agents make in this industry?

    3)What types of leads should I go for if I decide I should buy some? Company suggestions?

    4)Should I stay with NWM or go to MM?

    5)How many policies should I be closing by month 1, by month 3, and by month 6?

    5)What are good communities to get apart of in order to find clients? I live in a big city, so any sub-niche of any hobby is available. I was thinking of even stopping by one of the pregnancy/parenting classes in order to target young couples who would be more inclined to purchase some life.
     
    SeanV, Feb 21, 2016
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  2. axeman462
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    axeman462 Guru

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    1)yes. Dont do family yet, unless you don't like them. As a greenhorn, you won't know enough yet to do right by them. When talking to customers, use the KISS principles

    2) a) not investing in their business b) being lazy c) not giving the industry a chance (you really need to give this business 3-5 years before you truly see results(yes, there are many quick result stories out there, but the truth is, they are few an far in between))

    3) direct mail are old stand bys. Many good companies, search the forums for some

    4) can't give you good advice there, but if their training is decent stay with them until you feel comfortable, then jump ship if it suits you. Training at this point in your career is vital.

    5) best advice I can give is this: DO NOT measure yourself against others. I'll say this again, DO NOT MEASURE YOURSELF AGAINST OTHERS. If you can pay your bills in your first year, you are doing fine. In fact, most agents need to dip into their savings their first year to pay their bills. One agent may say you need to write $10,000k a month, but your bills and standard of living may be different. Figure out what you need to make and work towards that and set your own goals. Other people's standards and goals can be discouraging to a new agents. Know your numbers you need to hit, and set your own goals. A good day way to do this is use the SMART acronym.
    Specific goal, Measurable goal, Attainable goal, Realistic/Relevant goal, Timely goal.
     
  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Ha! Stick around for a while and you'll see what we're REALLY like!

    Both NWM and MML are going to be teaching you how to use whole life in a strategic way. LEADS are generally people who want a QUOTE for the cheapest way to satisfy their need. In my opinion, purchasing leads won't be a good fit if you're going to be selling either NWM or MML.

    1 - Not identifying an ideal client profile and not staying disciplined to tailoring their marketing message to that specific profile.
    2 - Not having a specific process to walk their prospective clients through that will lead to doing business. Don't wing it. Have a process and stick to it.

    Learn to prospect and fish for your own leads.

    It really won't matter much. In the beginning, your focus is on their training program. Others may mention that it's easier to service MML policies after you leave because you can be a broker... but that really doesn't matter if you don't have the solid training first.

    As many and as large as possible. However, this is really dependent upon your training, the process they teach you, and your defined ideal client profile.

    Where ever there is a door you can knock, a business you can enter, or a phone number you can call.

    Don't overthink this whole "niche marketing" thing. That's really good for investment professionals who are trying to gather investments to manage and will earn a recurring income for managing those assets to the plan. This kind of strategy will net you about 2-3 clients per month, or 20-30 per year.

    For insurance agents, that's not good enough. We are commission-based with minimal renewal income. Good for agents is 100+ lives per year, or about 10 per month. That means you need to have a quality message, to an ideal client profile, a process you can use right now, and a way to keep everything simple as you communicate concepts to your prospects.

    I hope that sounds daunting and makes you a bit nervous. It should. I started this thread about 5 years ago and I make additions to it every once in a while. It should help, especially after you go through whatever company you join and it isn't what you expect.

    http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html
     

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    DHK, Feb 21, 2016
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  4. jboussea
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    jboussea Guru

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    Keep it simple ... I'm not seasoned.. but I learn from someone who did pretty good in his first few years..

    Direct mail leads.. people looking for final expense.. if they inquire it means they're interested.. if you get in the door you have a good chance of closing that deal .. you dont have to be a car salesman ... if you carry many different carriers.. let them know you have many options and you're chosing something that best suits their needs...

    The nice things about people buying final expense.. they have kids and grand kids.. they'll refer you if they like you.. so make sure you're likable.. again don't be a car salesman
     
    jboussea, Feb 21, 2016
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  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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  6. SeanV
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    SeanV New Member

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    Thank you for the reply! Will re-read and digest what you wrote and come up with goals as you mentioned!

    ----------

    Thanks for replying to my thread! I see your face around the boards alot, and you seem very knowledgeable. Would you mind telling me about your career path and where you are now?

    ----------

    Thanks for the reply!

    I see you everywhere on this board! May I ask you what your career story? Where do you start, how you went to insurance, and where you are now?
     
    SeanV, Feb 21, 2016
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  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I was originally licensed in 2004 (insurance, series 7 & 66) with American Express Financial Advisors (now Ameriprise). Stayed with them for only 3 months because my "trainers" seemed to only focus on sales and not advisory skills.

    I went to a credit union and stayed with them for 3 years. I learned from two quality advisors and began my ChFC designation studies paid for by the credit union. With the second advisor I was the junior advisor and I was told that if I do well, I could take over the branch territory of 5 branches. Well, things changed... and by 2008, I moved over to MassMutual.

    The main reason I wanted to move over to MassMutual was to learn how to implement permanent life insurance into financial planning. At the time, I simply didn't know, and if I had that knowledge, I could help a lot of people and make a great income at the same time.

    I made all kinds of mistakes at MassMutual. First, they gave me a great "song and dance" and assured all kinds of support. You can read more about my mistakes in that thread I referenced earlier. Anyway, I stayed with them for 15 months, and left.

    I struggled hard in this business, just to have a solid path of prospecting, a selling process, a quality referral process, etc. I took a stint at Combined Insurance to learn their prospecting methods and I stayed with them for 6 months. I spent a couple of months at Mutual of Omaha because I was promised quality mentorship... that really wasn't there. I did get a few gems of training out of it though.

    Today, I'm an independent agent with several insurance companies. I do alright for myself. But I spend a lot of time on these boards because they help me stay sharp and perhaps, I might be able to help a few new agents to avoid the pitfalls I've had. It's self-serving, even though I don't recruit.

    Hope that answers your question.
     
    Last edited: Feb 21, 2016
    DHK, Feb 21, 2016
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  8. SeanV
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    SeanV New Member

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    Very insightful, thank you so much. I'll be sure to study the material you have wrote out, and give you updates on how your tips improved my sales. Have a good evening!
     
    SeanV, Feb 21, 2016
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  9. xrac
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    xrac Guru

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    DHK, is there any place, in hindsight, that you wish you would have stayed? Here is my word of warning for every newby: most companies, agencies, IMO, etc. over promise and under deliver.
     
    xrac, Feb 21, 2016
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  10. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    If Mutual of Omaha had a more competitive permanent life product, I would've probably liked to stay with them. I think they're due for some product innovation, and if they came out with an IUL, it would be worth looking into. Their products are primarily built for the middle income market, so that would be a good fit for me.

    However, I only say this because of their overall infrastructure, not because of the agency I was in. I think their compliance was more "forgiving" than MassMutual ever was for me (aside from anything securities related I'm sure)... and that is a big deal.

    Everything has pluses and minuses. You just have to weigh them out and figure out what you're willing to live with... if you were going with a career agency.

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    I don't know if anything has changed since I posed this, but here's my review of MoO:
    http://www.insurance-forums.net/for...tual-omaha-career-agent-resources-t41669.html
     
    DHK, Feb 21, 2016
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