TransAmerica Update

[bboman23]

The times that I have been replaced (and knew about it), it was always an agent with a more expensive product. If an agent wants to replace you, they will. Even the price buster companies you mentioned can be beaten by GUL, Fully Underwritten, etc.

If an agent has to be the absolute cheapest to close a deal, there is nothing wrong with that at all. You will also hear you have to have the highest comp to make it in this business (which I am a HUGE fan of), yet over 90% of the business with a lot of carriers comes from agents below street.

As far as FEX or 360 agents coming in behind an agent and replacing, that is not an issue. FEX and 360 combined make up what percentage of the industry? Can't be scared of monsters under the bed forever.

I look at it differently. How long can a new agent last writing KSKJ? A carrier that they can't even pronounce the name. Has a max comp of like 100%. Pays you as earned if you are new and maxes you out at $3,000/month if you are not new. (unless any of that has changed)

Many different ways to view things and run this business. Doesn't mean one is better than the other.

 

[DayTimer]

Good stuff

 

[tribetime32]

But let's be honest: Who here isn't replacing every one of those over-priced policies he or she comes across in the field.



But the agent coming in behind does ... and he also has KSKJ, Lifeshield, Family Benefit/Trinity, SNL, Sentinel, Oxford ...



And I use that line in everyone of my presentations. But FE is a commodity sale. We are selling piles of money. Each is identical to one another. If I ask my client would you rather pay $1.87/roll for Bounty paper towels at the Rite Aid or $0.99/roll for the same Bounty Paper towels at Walmart, which do you think they will choose.

I will grant that some agents can become the prize ... a very, very few. And for those agents an over-priced policy can nonetheless be very, even permanently sticky.

But I am absolutely gobsmacked that all these EFES folks are showing up trying to tell us that price doesn't matter. You're right. It doesn't matter ... until it does. And I don't mean to sound down on EFES. But it is all EFES folks saying the same thing. If y'all haven't been replaced by an FEX or 360 agent coming in behind you with the KSKJ it's just a matter of time.

It's good to hear you're doing well David. This is certainly a difference of opinion and one I can respect. I've tried doing things both ways and I can speak to my persistency and my income. Writing the companies that may be a little more expensive that bill correctly and are willing to pay me and my agents what we are worth is the route I've chosen to go.

I would hesitate to claim greed or ignorance on anyone's part. I diligently take care of my people and I am proud of it.

 

[NAF1138]

I look at it differently. How long can a new agent last writing KSKJ? A carrier that they can't even pronounce the name. Has a max comp of like 100%. Pays you as earned if you are new and maxes you out at $3,000/month if you are not new. (unless any of that has changed)

The 3k advance cap is lifted now. I think it's 10k now (I'm not totally sure, it doesn't matter to me so I didn't pay much attention when they raised it).

But the rest is all still more or less accurate. New agents should probably not write much kskj. Both the new agent and kskj are happier that way.

Oh, I don't think the name thing matters at all though. I think I have something like 400 kskj clients on my book and NONE of them remember the company name, they just know me.

 

[Newby]

The times that I have been replaced (and knew about it), it was always an agent with a more expensive product. If an agent wants to replace you, they will. Even the price buster companies you mentioned can be beaten by GUL, Fully Underwritten, etc.

If an agent has to be the absolute cheapest to close a deal, there is nothing wrong with that at all. You will also hear you have to have the highest comp to make it in this business (which I am a HUGE fan of), yet over 90% of the business with a lot of carriers comes from agents below street.

As far as FEX or 360 agents coming in behind an agent and replacing, that is not an issue. FEX and 360 combined make up what percentage of the industry? Can't be scared of monsters under the bed forever.

I look at it differently. How long can a new agent last writing KSKJ? A carrier that they can't even pronounce the name. Has a max comp of like 100%. Pays you as earned if you are new and maxes you out at $3,000/month if you are not new. (unless any of that has changed)

Many different ways to view things and run this business. Doesn't mean one is better than the other.

Not disagreeing with your logic overall. I agree that FexContracting is a small IMO by design and can't get to everybody.

But you have some wrong info I'll clear up.
1. How long can a new agent last writing KSKJ? - New agents don't start writing KSKJ as a main company. Depending on what state they are in they write Trinity/Family Benefit, Oxford, SNL, Prosperity, Etc. Usually as their main with Americo, Trans, Foresters, Lifeshield, UHL etc as backups (or mains if they choose to. ) KSKJ for new agents is only written when it's the only good fit because as you correctly said every agent will start with them as earned. BUT every agent will run into a few cases each month that he can place with KSKJ that he couldn't get at all without them. Would he be better off to walk away with zero? Or to have a $75 deposit each month for the next 12 months ($900)?
2. Max comp of 100%- Likely true. But also STARTING comp of 100%. So minimum comp of 100% is more accurate. And we do have some agents at 110%. Any agent that is in the top 10 FE agents list for KSKJ is on 110%. Also their fantastic graded product that is priced only slightly higher than Gerber but has a true graded benefit at the 12th month (between 40% to 60% depending on the age) also pays minimum of 100%. Plus most agents that write KSKJ do earn their convention for at least 5-days of not 7-days. And they have fantastic conventions.
3. maxes you out at $3,000/month if you are not new. (unless any of that has changed)- That is simply incorrect and has never been true. Unless an agent has bad credit. FexContracting agents may have special advancing privileges that other agencies don't have. I don't know for sure. But all agents should discuss any info or concerns directly from the company or the IMO that sells them rather than rely on incorrect info from an IMO that does not sell them and hopes their agents don't contract with them.

I agree with you that there are many ways to run this business. And agents need to choose their IMO and run 100% with their program, training and companies.

FEX was developed based on my own thoughts and experiences from when I was in the field. I knew I wasn't a great salesperson. I needed to leverage price when I sold insurance. I became very wealthy doing that with my limited ability and none the efficiency of the tools, training and lead programs that agents have available today. Today our relationships with KSKJ, Oxford, Trinity, Family Benefit, and others gives our agents the competitive edge out in the field that simply helps them write more business. When combined with training that has been proven effective year after year and solid lead programs I'm obviously very proud of what we have built and what we offer to our agents. As I'm sure you are too about yours.

End of rant that turned into recruiter babble. I apologize in advance to snowflakes that are sensitive to that kind of stuff.

 

[HoosierLife]

Oh let's be honest here. At the end of the day, if you wanna build a big organization one level deep, live on slim margins and provide less individual support, the KSKJ/FB model works great.

Now that's great for the guys at the top of that big organization and, let's be honest, for the Indy agent who needs little support.

But for the rest of the agents, (probably 95% of them) including those that want to build their own agencies, but don't have training platform, contracting infrastructure, lead development team, builder strategy etc, those carriers just wont work.

I've been on both sides of this equation. I prefer working with those that want to build something bigger than themselves. And at the end of the day, carriers with higher comp is the only way that 95% of the agents will be able to accomplish that.

Even though we do the same thing, we're basically competing in a different world.

I assume we all agree that a senior having coverage with RNA or Americo is better than AARP/Globe/CP or nothing at all, right?

The folks in this thread are talented replacement artists. But we're also probably the 1%.

An agent can have high comp, use middle of the road pricing carriers, have a direct upline that answers their calls, text and emails promptly, have a turn-key training platform (for themselves and their future downlines), have agent recruits schedule directly on their calendar (by the dozens...ok so we're the only ones that do that , have access to high quality leads and grow a successful business that's more than a 1 man operation.

Agents just have to decide what they're looking for and more importantly, what type of person/agent they really are.

Always open to a chat Schedule a Time Convenient For You - Final Expense Entourage

 

[goillini52]

explained that it wasn't ethical for the agent to have sold you life insurance and Medicare in the same appointment and wedged the trust factor. " is that guy the person you really want taken care of your family when you die"

Huh? I assume you're referring to MA with no signed SOA.

 

[Newby]

Oh let's be honest here. At the end of the day, if you wanna build a big organization one level deep, live on slim margins and provide less individual support, the KSKJ/FB model works great.

Now that's great for the guys at the top of that big organization and, let's be honest, for the Indy agent who needs little support.

But for the rest of the agents, (probably 95% of them) including those that want to build their own agencies, but don't have training platform, contracting infrastructure, lead development team, builder strategy etc, those carriers just wont work.

I've been on both sides of this equation. I prefer working with those that want to build something bigger than themselves. And at the end of the day, carriers with higher comp is the only way that 95% of the agents will be able to accomplish that.

Even though we do the same thing, we're basically competing in a different world.

I assume we all agree that a senior having coverage with RNA or Americo is better than AARP/Globe/CP or nothing at all, right?

The folks in this thread are talented replacement artists. But we're also probably the 1%.

An agent can have high comp, use middle of the road pricing carriers, have a direct upline that answers their calls, text and emails promptly, have a turn-key training platform (for themselves and their future downlines), have agent recruits schedule directly on their calendar (by the dozens...ok so we're the only ones that do that , have access to high quality leads and grow a successful business that's more than a 1 man operation.

Agents just have to decide what they're looking for and more importantly, what type of person/agent they really are.

Always open to a chat Schedule a Time Convenient For You - Final Expense Entourage

I agree that we are competing in two different worlds. I know from just watching many people succeed and many people fail out in this biz over the past 22 years that agencies that promote agents recruiting prior to them learning how to sell insurance successfully and becoming financially stable have a HUGE failure rate. The agents are pitched a tale of making MORE money with recruits than they could ever make as a single agent. But in reality, this is rare to work out that way.

However when agents do it the same way I did which is focus on selling, learning and making a lot of money first they seem to be much more successful. You aren't going to want to credit us because you do compete with us now BUT you are a perfect example of an agent who benefited from our model. You learned how to sell and became financially stable without the distractions of recruiting or having your peers at the agency recruiting and/or competing with you. Neither you or I know if you would still be in the business if you had spent those years in an agency where you were selling more expensive companies at lower commission levels and co-signing loans (advances) for other agents that you barely knew. Maybe you would have been one that made it through. Most don't do well or at least as well starting out under those conditions.

We have many agents that we have helped in this business that have gone on to build agencies. And we have agents that are making huge money that never want any downline agents. But I would put our business model up against anyone's for agents that want to make the most money selling insurance AND for guys who want to build agencies but need to get the knowledge and experience first.

Josh you are almost to your ultimate spot. But you are not quite there yet. You may or may not have seen it yet. You started your recruiting at EFES and shouted that things were great. Then there was a shinier object at One Life and you now say that is great. But eventually you will discover that independence is the ONLY way to go. You will take it to the next level. Everyone eventually does. I'll go on record that you will build an independent agency within the next 5-years. You might have a couple of contracts still with One Life. But you will have your own contracting department. Your own lead department. Your own training system. And any contract you want through any place you want. Independence. And when you get there come back to this thread and just say...Damm! Newby was right the whole time!

Being in the food chain of a huge organization does not give you an advantage over being lean and mean. Quite the opposite.

 

[HoosierLife]

I agree that we are competing in two different worlds. I know from just watching many people succeed and many people fail out in this biz over the past 22 years that agencies that promote agents recruiting prior to them learning how to sell insurance successfully and becoming financially stable have a HUGE failure rate. The agents are pitched a tale of making MORE money with recruits than they could ever make as a single agent. But in reality, this is rare to work out that way.

However when agents do it the same way I did which is focus on selling, learning and making a lot of money first they seem to be much more successful. You aren't going to want to credit us because you do compete with us now BUT you are a perfect example of an agent who benefited from our model. You learned how to sell and became financially stable without the distractions of recruiting or having your peers at the agency recruiting and/or competing with you. Neither you or I know if you would still be in the business if you had spent those years in an agency where you were selling more expensive companies at lower commission levels and co-signing loans (advances) for other agents that you barely knew. Maybe you would have been one that made it through. Most don't do well or at least as well starting out under those conditions.

We have many agents that we have helped in this business that have gone on to build agencies. And we have agents that are making huge money that never want any downline agents. But I would put our business model up against anyone's for agents that want to make the most money selling insurance AND for guys who want to build agencies but need to get the knowledge and experience first.

Josh you are almost to your ultimate spot. But you are not quite there yet. You may or may not have seen it yet. You started your recruiting at EFES and shouted that things were great. Then there was a shinier object at One Life and you now say that is great. But eventually you will discover that independence is the ONLY way to go. You will take it to the next level. Everyone eventually does. I'll go on record that you will build an independent agency within the next 5-years. You might have a couple of contracts still with One Life. But you will have your own contracting department. Your own lead department. Your own training system. And any contract you want through any place you want. Independence. And when you get there come back to this thread and just say...Damm! Newby was right the whole time!

Being in the food chain of a huge organization does not give you an advantage over being lean and mean. Quite the opposite.

Well I agree with a lot of what you're saying. And we definitely do not promote agents recruiting before they know what they're doing. And I know Ben is the same way.

As far as shinier objects, I can't go into that, but at the end of the day, we have decided to build our own thing using digital marketing, automation, and more overall efficiency as it comes to contracting, training, leads, support, developement, tools, technology etc.

We already have all those independent departments (automation and virtual assistants can go a long way), but we will always want to be aligned with a bigger group that has influence in the industry as a whole and especially with the carriers, plus whatever millions they want to spend on their shiny objects, which in my opinion comes down to bigger and better technological advancements and agent support.

I think there is a middle ground between the MLM and the lean and mean operation, as you put it.

I 100% doubt you're taking 60-70 agent recruit calls, that have scheduled on your calendar every week, and passing those agents off to top producing managers that have proven themselves after years in the field. You're not plugging your Agency Managers into your automated platform so they can have 5, 10, 20 (however many) agents scheduling on their calendar every week.

And if you did, what would pay for it? Your lean margins from KSKJ?

There is a middle ground where agents can produce at a high level, with great training and great support and still have high enough commission levels to build a team. You just can't do that with KSKJ and FB.

 

[noah]

I agree that we are competing in two different worlds. I know from just watching many people succeed and many people fail out in this biz over the past 22 years that agencies that promote agents recruiting prior to them learning how to sell insurance successfully and becoming financially stable have a HUGE failure rate. The agents are pitched a tale of making MORE money with recruits than they could ever make as a single agent. But in reality, this is rare to work out that way.

However when agents do it the same way I did which is focus on selling, learning and making a lot of money first they seem to be much more successful. You aren't going to want to credit us because you do compete with us now BUT you are a perfect example of an agent who benefited from our model. You learned how to sell and became financially stable without the distractions of recruiting or having your peers at the agency recruiting and/or competing with you. Neither you or I know if you would still be in the business if you had spent those years in an agency where you were selling more expensive companies at lower commission levels and co-signing loans (advances) for other agents that you barely knew. Maybe you would have been one that made it through. Most don't do well or at least as well starting out under those conditions.

We have many agents that we have helped in this business that have gone on to build agencies. And we have agents that are making huge money that never want any downline agents. But I would put our business model up against anyone's for agents that want to make the most money selling insurance AND for guys who want to build agencies but need to get the knowledge and experience first.

Josh you are almost to your ultimate spot. But you are not quite there yet. You may or may not have seen it yet. You started your recruiting at EFES and shouted that things were great. Then there was a shinier object at One Life and you now say that is great. But eventually you will discover that independence is the ONLY way to go. You will take it to the next level. Everyone eventually does. I'll go on record that you will build an independent agency within the next 5-years. You might have a couple of contracts still with One Life. But you will have your own contracting department. Your own lead department. Your own training system. And any contract you want through any place you want. Independence. And when you get there come back to this thread and just say...Damm! Newby was right the whole time!

Being in the food chain of a huge organization does not give you an advantage over being lean and mean. Quite the opposite.

Excuse me for being late to the party here,looks like someone hijacked the thread ?

I am looking to hear from you about the new Transamerica product.

Underwriting changes,paper app vs E-app....etc.

I remember you telling me that all an agent could make with just using Trans .

Is that still true ?

I am hearing/reading the new product is almost unusable.

Is this true ?