WFG or Primerica? What better options are there?

Jan 10, 2019

  1. webestrian
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    webestrian New Member

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    Thanks. While i am watching the videos you posted, I would like to add the reason why I consider having a big product list.
    You have the option to choose the best among the available options and whatever suits the client. Some people are only looking for the cheapest option available in the market, some are more concerned about the best kind of coverage being offered, some have medical conditions where they are not welcome by every company etc so it gives more options.
    For being a true advisor you have to advise as per the clients need. Just saying if a client is only looking for the cheapest option available for certain thing, and you dont even have that in your portfolio, you wont be able to help that person.
    Hope I am making sense. I understand I am new to this thing, but I am just sharing the way i think about helping others. We have to consider their needs and financial situation and help them out accordingly.
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Let me help you: You are building a BUSINESS. A business of helping people to make informed decisions about their insurance and investment options. You need to put SCALE-ABILITY somewhere, otherwise you're trying to "reinvent the wheel" each and every time. You can't do that and be productive.

    I want you to imagine you have 500 investment clients. Are you going to create custom recommendations on investments each and every time between 25 different companies? (Unless you want to hire some full-time CFAs or Chartered Financial Analysts - I wouldn't recommend that.)
    - Or will you put together about 5-6 model portfolios based on a given risk/return expectation and simplify the process for yourself and your clients?
    - Or are you just going to hire various 3rd party asset managers and let THEM do it... and you just "manage the managers"?

    Every "true advisor" builds in scaleability into their practice, and they know when and where to look for the exceptions. There will be some policy rider, or policy feature, that happens to fit a particular situation. So you know about it and keep it on the back burner for when you need it.

    But that takes time. You can't start out with all that. You start with, depending on your licensing, ONE insurance company and ONE investment or mutual fund company... and add over time. Find one of each that makes the most sense for most people and keep learning over time.

    I know you're new, but I'd recommend thinking in terms of a business that has set processes and procedures... and knows how to "vary the recipe accordingly" than trying to become a "master of 200 companies".

    You know what they say: "Jack of all trades, master of none" and it certainly applies to our business.
     
    DHK, Jan 10, 2019
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  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Contrary to most opinions in starting out: product knowledge does NOT give you confidence in giving advice.

    Having training in how to prospect, uncover needs, present concepts, and propose solutions mean far more. You can literally HIRE OUT the product selection process through various insurance marketing organizations and/or your broker/dealer if dealing with securities.

    So don't worry so much about specific company and product knowledge. That'll happen over time. (Yes, you do need the basics. That's what concepts are for.) But trying to understand all that... I wouldn't even bother. This creates diffusion like nothing else.

    Here's a newsletter about Advisor Distraction and Diffusion:
    Precision Growth Newsletter
     
    DHK, Jan 10, 2019
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  4. toolbelt
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    toolbelt Guru

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    And what is 25% of 0 sales, or even 2 sales? Have you seen any audited statements indication the average number of policies sold/retained per rep annually?
     
  5. Cornelius
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    Cornelius Guru

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    You guys are getting way to deep into all of this. The bottom lines are no matter where you go to do big things your going to have to become a recruiter. Look at all the top earners and count how many are personal producers only.

    Here's something to also consider. When I looked at WFG awhile back I was told they were in the process of making a change that agents can only work with WFG and no other MLM companies. I don't know if they did it or not.

    At PFS your captive. You can only offer the products they allow you to offer. Of course unless that has changed. To go to the higher level of RVP there may be a full-time commitment and understand replacement.

    Here's what I suggest. Read both contracts. I mean read them. Ask if outside business is authorized. If so contract with that company and on the outside also pick up LegalShield..

    Not everyone you recruit will want to be licensed or will pass the required test. That's were you can send them to your LegalShield business..

    Just don't get caught up in all the hype your going to hear. Pay attention to the business side but also be a business about your people.

    No matter what you may hear or read if your money motivated a person who buys into recruiting and make some very impressive income.

    Go to a business briefing of both financial services companies and LegalShield and then just make a business decision.

    If you want to know where a LS briefing is in your area let me know and I will research it.

    Just as a side note there are many people who are against the MLM structure within financial services but think so what? Do your own personal due diligence and as mentioned above make a business decision which you feel is best for you and yours.

    Not all things are for all people... You can always move on if you feel a company or organization isn't for you..

    Good luck..

    Just my opinion if I was in Canada and those were my choices I would go with WFG as of this posting.
     
  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Annual 7-figure earners I know of:
    Ben Feldman - had a large staff, but he did all the selling.
    Marvin Feldman, but he left his agency to his niece.
    John Savage - just him and two assistants
    Mehdi Fakharzadeh - only personal production, not sure about his staffing
    Van Mueller - has two assistants
    Rich Wesselt - Staff up to 9, but he and a junior advisor

    I never studied Sid Friedman, but I remembered some article that claimed he did $20-$30 million a year? Well, this article says $4 million:
    https://www.bizjournals.com/philadelphia/stories/2003/09/15/smallb1.html

    Plenty of others who did all their own selling - Joe Girard selling cars and Erica Feidner selling pianos.
    8 Top Salespeople in History (& What We Can Learn from Them)
     
    Last edited: Jan 11, 2019
    DHK, Jan 11, 2019
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  7. toolbelt
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    toolbelt Guru

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    Actually when you look at all the top MLM earners, you can also Google their seminar and conference hosting schedule or which training dvds are available from the website.
     
  8. toolbelt
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    toolbelt Guru

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    In other words, get in front of their trained recruiting assassins and get inundated with hype and half-truths.
     
  9. webestrian
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    webestrian New Member

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    But even 85% of 0 sales is 0.
     
  10. webestrian
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    webestrian New Member

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    Thanks for your response.
    Yes I have met the guy from WFG and been to their business briefing too.
    Broadly speaking they have access to all kind of products one needs, the only challenge is lower commission at the start and the bad repute they carry with.
    I wish they did something for protecting their brand and they should have a branding team etc.
     
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